Hyundai joins with Aptiv to develop Level 4 and 5 autonomous driving systems
Hyundai Motor Company has reached an agreement with Dublin based automotive technology company Aptiv to create a joint venture to develop and produce Level 4 and Level 5 autonomous technology.
The venture has been valued at $4 billion in aggregate value, and both companies will receive a 50% ownership stake. Aptiv will provide its autonomous driving technology which has been in production for many years, along with 700 autonomous vehicle tech employees, while Hyundai brings to the venture US$1.6 billion in funds as well as access to the brands vehicle engineering, research and development and IP.
Hyundai have been vocal about its self-driving car strategy and are aiming to have their self-driving technology ready for global commercialisation by 2022.
For Aptiv, the venture marks their first partnership with an automotive manufacturer, having previously partnered with ridesharing company Lyft to develop an autonomous robot taxi service ready for public trial, and provides an enormous opportunity to incorporate Aptiv systems into vehicles around the world.
The venture will be headed by the President of Aptiv’s Autonomous Mobility Group Karl Iagnemma, with the headquarters located in Boston. Additional technology centres will be located in multiple cities in the US and Asia.
The two companies aim to have their autonomous technology systems ready for testing in 2020, ready for production in 2022.
Original source: techcrunch | Aptiv and Hyundai form new joint venture focused on autonomous driving
24 Sep 2019