South Korean auto giant, Hyundai Motor Group has joined hands with auto parts manufacturer Aptiv to form a joint venture that will develop autonomous driving technology.
in a statement, the company explained that the two companies will have a 50-50 stake in the joint venture. As Hyundai claims, this joint venture will play a key role in the brand’s vision of making mobility safer, greener, connected and accessible.
The joint venture company will be headquartered in Boston with its technology centres across the United States and Asia.
Hyundai claims that this new company will leverage the automaker’s design, engineering and manufacturing expertise and Aptiv’s autonomous driving solutions to commercialize an autonomous driving platform.
The joint venture company will aim to cater to robotaxi providers, fleet operators and automotive manufacturers, claimed Hyundai. However, the name of the JV company is yet to be disclosed.
Meanwhile, Hyundai Motor’s heir apparent Euisun Chung has bought shares in automaker Hyundai Motor and parts affiliate Hyundai Mobis for a combined 19 billion won ($15 million)..
Chung bought 139,000 shares in Hyundai Motor for 68,435 won each, raising his stake to 1.86 percent from 1.81 percent.
He acquired 72,552 Hyundai Mobis shares for 130,789 won each, picking up a 0.08 percent stake.
On March 19, the board of Hyundai Motor appointed Hyundai Motor Group’s heir apparent as its chairman to push forward the group’s future mobility initiative.
