Hyundai, Aptiv to form $4 billion JV for self-driving platform

In this undated file photo provided by Hyundai Motor, the carmaker’s Executive Vice Chairman Chung Euisun tests an autonomous driving technology in the Ioniq during the Consumer Electronics Show held in Las Vegas in 2017 (Yonhap)

Seoul: Hyundai Motor Group said Monday it will set up a $4 billion joint venture (JV) with Ireland-based autonomous vehicle startup Aptiv next year to develop a self-driving platform.

Faced with the spread of protectionism and tougher competition with rivals, the South Korean carmaker has been aggressive in investing in overseas startups with advanced future mobility technologies as it seeks to take the lead in next-generation vehicles.

Hyundai’s decision to work with Aptiv to form the 50:50 joint company, to be headquartered in Boston, is in line with such broad efforts. It is the single biggest overseas investment Hyundai has ever made.

YONHAP