Hyundai Motor and Aptiv will be forming an autonomous driving joint venture to design, develop and commercialise 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.
Each company will have a 50% ownership stake in the joint venture, valued at a total of $4bn. Aptiv will contribute its autonomous driving technology, intellectual property and approximately 700 employees focused on the development of scaleable autonomous driving solutions, whereas Hyundai Motor Group affiliates — Hyundai Motor, Kia Motors and Hyundai Mobis — will collectively contribute $1.6bn in cash at closing and $0.4bn in vehicle engineering services, R&D resources and access to IP.
The partnership reinforces the partners’ shared vision of making mobility more safe, green, connected and accessible by advancing the development and commercialisation of the highest-performing and safest autonomous vehicles.
Aptiv is a global technology company with an industry-leading portfolio of advanced mobility solutions that includes perception systems, software algorithms, compute platforms, and data and power distribution. The company conducted the first coast-to-coast automated drive in the United States in 2015, and was the first to commercially deploy autonomous vehicles globally.