Hyundai announced Monday it’s setting up a $4-billion autonomous-driving joint venture with Aptiv, 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.
Hyundai will be contributing $1.6 billion in cash and $400 million in services, R&D and intellectual property for its 50% share. Aptiv will hand over intellectual property and 700 employees, and the two promise they’ll have an autonomous-driving platform by 2022.
“We always viewed this as highly complex, as very challenging,” Kevin Clark, Aptiv’s CEO, said in an interview. “It’s an extremely complex solution that you need to develop, and the wider the use cases, the more complex it actually becomes.”
Read the article at The Washington Post.