Hyundai has invested another $1 billion in Motional, a robotaxi company that wants to be first to market with a successful business model.
Hyundai Motor Group announced this week it will invest nearly $1 billion in Motional, a robotaxi business that is a joint venture between Hyundai and Aptiv. The new investment will significantly reduce Aptiv’s stake in the enterprise.
Motional has been testing its autonomous vehicles with a safety driver behind the wheel in Boston, Pittsburgh, Las Vegas, Los Angeles, and Singapore. The company’s go-to-market strategy involves partnering with existing ride-hail platforms like Uber, Lyft, and Via to give customers rides. Motional has stated its goal of launching a robotaxi service using driverless Hyundai Ioniq 5 vehicles in 2024.
What changes might robotaxis bring to the transportation sector? How about reducing the number of cars on the road by 90%? A private passenger car is only in use about 5 to 10% of a normal day. A robotaxis can do the work of ten private vehicles. There would be no need for parking lots, which could be converted into green spaces. The environment would be quieter without all that traffic.
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