Hyundai and Aptiv to form autonomous driving joint venture
Hyundai Motor Group and Aptiv announced that they will be forming an autonomous driving joint venture. This partnership will advance the design, development and commercialization of SAE Level 4 and 5 autonomous technologies.
The joint venture will begin testing fully driverless systems in 2020 and have a production-ready autonomous driving platform available for robotaxi providers, fleet operators, and automotive manufacturers in 2022.
As part of the agreement, Hyundai and Aptiv will each have a 50 percent ownership stake in the joint venture, valued at a total of USD 4 billion. Aptiv will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions.
Hyundai Motor Group affiliates - Hyundai Motor, Kia Motors and Hyundai Mobis - will collectively contribute USD 1.6 billion in cash at closing and USD 0.4 billion in vehicle engineering services, research and development resources, and access to intellectual property.
The joint venture will be led by Karl Iagnemma, President, Aptiv Autonomous Mobility and headquartered in Boston, with technology centers across the United States and Asia, including Korea.
The joint venture’s Korea operations will serve as a key technology center as well as a base for vehicle modification and a testbed for autonomous driving mobility service platforms.