SEOUL — South Korea’s Hyundai Motor Group and auto technology supplier Aptiv said on Monday they are creating a 50-50 autonomous driving joint venture valued at $4 billion.
This marks the biggest bet made by Hyundai Motor Group, which is widely seen as a latecomer to the field of future mobility technology.
Hyundai Motor Group companies Hyundai Motor, Kia Motors and Hyundai Mobis will collectively contribute $1.6 billion in cash and $0.4 billion in vehicle engineering services, r&d resources and access to intellectual property, the two partners said in a joint statement.
