Hyundai Motor Group, Aptiv to set up US$4 billion self-driving car venture

SEOUL/NEW YORK: Hyundai Motor Group will invest US$1.6 billion in a joint venture to develop self-driving vehicle technologies with Aptiv, the biggest overseas investment by the South Korean carmaker to catch up to rivals in the autonomous car market.

Dublin-headquarterd Aptiv, which will own 50per cent of the joint venture, will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focussed on the development of scalable autonomous driving solutions. Clark said the alliance would initially focus on self-driving technology for passenger vehicles. But Chung said the Aptiv partnership could ultimately also help Hyundai speed up automation for commercial vehicles, such as long-haul trucks.

Its major customers include GM, Volkswagen and Fiat, according to the annual report. Hyundai Motor is also one of its customers, a Hyundai spokesman said. Hyundai Motor said in February that it will invest 14.7 trillion won in future technologies such as self-driving, connectivity and car-sharing areas by 2023.

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