FILE PHOTO: The logo of Hyundai Motors can be seen on a steering wheel of the new Sonata sedan is on display at the company headquarters in Seoul, south korea, south africa, South Korea, on March 22, 2019 at the latest. REUTERS/Kim Hong-Ji)
SEOUL (Reuters) – South korea’s Hyundai Motor Group, the Dublin-headquartered automotive technology of the company, Aptiv (APTV.N) said on Monday that they are creating a 50:50 with an autonomous drive, a joint venture, in the amount of $4 billion.
This is the largest effort of Hyundai Motor Group, which is widely regarded as a latecomer in the field of future mobility technologies.
Hyundai Motor Group) Hyundai Motor (005380.KS), Kia Motors (000270.KS) and Hyundai Mobis (012330.KS), is a joint contribution of $1.6 billion in cash and $0.4 billion in vehicle engineering services, R&D resources, and access to, intellectual property rights, the two parties said in a joint statement.
Aptiv will contribute to its autonomous driving technology, intellectual property rights, in and to approximately 700 employees are focused on the development of a scalable, autonomous driving solutions.
The joint venture company will start to test the complete uav systems by 2020, and a production-ready autonomous car-platform and is available for a robotaxi service providers, service providers, transport companies and the automakers, in 2022.
Aptiv was formerly known as Delphi Automotive.
The transaction is subject to approval by the regulatory authorities and is expected to close early in the second quarter of 2020.
Reporting by Hyunjoo Jin and Ju-min Park; Editing by Louise Heavens and Muralikumar Anantharaman