Hyundai and Aptiv form $4 billion pact to build self-driving cars

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(Reuters) — Hyundai Motor Group will invest $1.6 billion in a joint venture to develop self-driving vehicle technologies with Aptiv, the biggest overseas investment by the South Korean carmaker to catch up to rivals in the autonomous car market.
Hyundai has lagged global rivals who have invested heavily into developing new technologies for electrified and autonomous vehicles.
Hyundai Motor, Kia Motors, and Hyundai Mobis will collectively contribute $1.6 billion in cash and $400 million in research and development resources and others, valuing the joint venture $4 billion, Hyundai Group and Aptiv said in a joint statement.
Dublin-headquarterd Aptiv, which will own 50% of the joint venture, will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions.
Aptiv, which manufactures vehicle components and provides technology for self-driving cars, was formerly known as Delphi Automotive, which was split into Aptiv and Delphi Technologies in 2017.
Market research firm Navigant Research Aptiv put Aptiv at number four among automated driving system companies, following Waymo, General Motors, and Ford.
Aptiv said in its 2018 annual report that Hyundai Mobis was one of its competitors in advanced safety and user experience segment, along with Bosch and Denso.
Hyundai Motor is also one of its customers, a Hyundai spokesman said.
The latest investment is another sign that Hyundai has abandoned its strategy of developing technology in-house, a strategy which previously raised investor concerns that it may be left behind in the race for future mobility.
Hyundai, along with affiliate Kia Motors, ranks fifth in global sales, have joined rivals in making a series of investments in technology firms, including self-driving car tech startup Aurora, especially after heir apparent Euisun Chung was promoted a year ago.
Hyundai Motor said in February that it will invest 14

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