Hyundai Motor Group and global technology company Aptiv will form an autonomous joint venture to help advance the design, development, and commercialization of SAE Level 4 and 5 autonomous technologies.
Through the joint venture, the companies aim to begin testing fully autonomous driving systems in 2020. The goal is also to have a production-ready driverless platform available in 2022 for robotaxi providers, fleet operators and automakers.
“The new joint venture marks the start of a journey with Aptiv toward our common goal of commercializing autonomous driving,” said Euisun Chung, Executive Vice Chairman, Hyundai Motor Group. “The combined capabilities of Aptiv, a leading global technology company, and our Group, a global OEM, will create invaluable synergy to lead the autonomous driving landscape.”
The partnership brings to the table Aptiv’s driverless tech, intellectual property, and around 700 employees that will focus on the development of self-driving solutions. Hyundai Group divisions Hyundai Motor, Kia Motors, and Hyundai Mobis will collectively contribute $US1.6 billion in cash at closing, along with US$0.4 billion in vehicle engineering services, R&D resources, and access to intellectual property, according to Aptiv’s news release.
Both Hyundai and Aptiv will also have a 50 per cent ownership stake in the joint venture, which is valued at US$4 billion, and select an equal number of directors to govern it.
The venture will be led by Karl Iagnemma, President of Aptiv Autonomous Mobility, and will be headquartered in Boston, Massachusetts, with other tech centres located in the U.S. and Asia.