Hyundai Motor, Dublin-based auto tech firm Aptiv to set up $4b self-driving JV

REUTERS/Kim Hong-Ji

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.

Aptiv will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions.

The joint venture will begin testing fully driverless systems in 2020 and have a production-ready autonomous driving platform available for robo taxi providers, fleet operators, and automakers in 2022.

Aptiv was formerly known as Delphi Automotive.

The transaction is subject to regulatory approval and is expected to close early in the second quarter of 2020.

Reuters 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.