Hyundai Teams with Aptiv for Autonomous Driving JV
Hyundai has announced that it is partnering with mobility solutions company Aptiv to create a joint venture focused on the development and deployment of SAE Level 4 and Level 5 autonomous vehicle technologies. The AV JV, as it were, is valued at $4 billion and sees Hyundai and Aptiv controlling equal stakes and equal governance.
“The new joint venture marks the start of a journey with Aptiv toward our common goal of commercializing autonomous driving,” said Euisun Chung, Executive Vice Chairman, Hyundai Motor Group. “The combined capabilities … will create invaluable synergy to lead the autonomous driving landscape.”
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The objective of the as-yet-unnamed joint venture is to test fully driverless vehicle systems by next year with the target of providing a production-ready autonomous vehicle platform for fleets, robotaxis, and other auto manufacturers by 2022.
Aptiv’s contribution to the project includes 700 employees familiar with the company’s autonomous vehicle IPs and technology. Aptiv presides over more than 100 self-driving vehicles globally and is the provider for the largest autonomous ride-hailing service in Las Vegas. Since its founding, Aptiv has provided 70,000 paid rides in autonomous vehicles.
“Hyundai Motor Group’s cutting-edge engineering and R&D capabilities make them our partner of choice to advance the development of a production-ready autonomous platform,” said Aptiv President and CEO Kevin Clark.
Last year, Hyundai showed off its advances with self-driving technology by demoing five NEXO fuel cell electric vehicles on a fully autonomous drive from Seoul to Pyeonchang. Hyundai has been testing autonomous vehicles in the United States since 2015 when it was granted a license for public testing in Nevada.
Leading the joint venture will be Aptiv Autonomous Mobility President Karl Iagnemma, who will operate out of global headquarters in Boston. The JV will house technology centers in both the United States and Asia, including in Hyundai’s home turf of Korea.
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