Hyundai to Set Up $4 Billion Joint Venture to Develop Driverless Cars
- Korean giant starts JV with Aptiv after aligning with Aurora
- Executive Vice Chairman Chung plays role in development deal
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Almost two years ago, the heir apparent to South Korea’s massive Hyundai Motor Group, Euisun Chung, paid a visit to the driverless-vehicle hotbeds of Pittsburgh and Detroit, wanting a look under the hood of the best technology from companies both places had to offer. It turned out to be quite the productive trip.
Hyundai announced Monday it’s setting up a $4 billion autonomous-driving joint venture with Aptiv Plc, the company spun off from what used to be the parts division of General Motors. The two companies will join forces to develop the technology needed to put robotaxis on the road by 2022.