Hyundai, Aptiv to set up self-driving JV

SEOUL: South Korea’s Hyundai Motor Group and Dublin-headquartered auto technology firm Aptiv said on Monday they are creating a 50:50 autonomous driving joint venture valued at $4 billion. This marks the biggest bet made by Hyundai Motor Group, which is widely seen as a latecomer to the field of future mobility technology. Hyundai Motor Group companies Hyundai Motor, Kia Motors and Hyundai Mobis will collectively contribute $1.6 billion in cash and $0.4 billion in vehicle engineering services, R&D resources and access to intellectual property, the two partners said in a joint statement. The joint venture will begin testing fully driverless systems in 2020. — Reuters