Breakingviews - Hyundai is a dark horse in driverless car race

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On Breakingviews – Hyundai is a dark horse in driverless car race, say KatrinaHamlin mak_robyn:

The 2019 Hyundai Veloster N sports car is displayed at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2018. REUTERS/Brendan McDermid

The race for dominance is well under way. Alphabet’s Waymo and GM Cruise, backed by SoftBank Group’s $100 billion Vision Fund, already clocked up more than 25,000 kilometres of hands-free rides last year, according to a 2018 report by a California government agency. There is understandable scepticism. Hyundai Motor Co shares hardly budged after the announcement. The $26 billion company, which is due to report quarterly earnings on Thursday, is already grappling with costly recalls and sluggish sales in its largest market, China. It also has a weak track record in new discoveries: last year, it spent less than 3% of revenue on R&D, compared with nearly 7% at Germany’s Volkswagen.

 

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