The cooperation between Hyundai Motor Group and Aptiv is also the first combination of the industry's most innovative automotive technology supplier and one of the world's largest automobile manufacturers.
On September 23, local time, Hyundai Motor Group and Aptiv jointly announced that they will jointly establish an autonomous driving joint venture. This partnership will be the industry's most innovative automotive technology supplier and one of the world's largest automobile manufacturers. Tightly integrated.
The joint venture will be dedicated to advancing the design, development and commercialization of the Association of Automotive Engineers (SAE) L4 and L5 autonomous driving technologies, further enhancing the leading positions of the partners in the global autonomous driving ecosystem. The joint venture will also begin testing fully autonomous systems in 2020 and will provide a producible autonomous driving platform for driverless taxi providers, fleet operators and car manufacturers in 2022.
Hyundai Motor Group and Aptiv will each own 50% of the joint venture, with a total value of about $ 4 billion. Apollo will provide its joint venture with its autonomous driving technology, intellectual property and approximately 700 employees focused on developing autonomous driving solutions, while Hyundai Motor Group's subsidiaries, Hyundai Motor, Kia Motors, and Hyundai Mobis, will jointly fund About $ 1.6 billion in cash and $ 400 million in automotive engineering services, research and development resources, and access to intellectual property.
The new joint venture will be led by Karl Iagnemma, president of AMB's Automated Mobile Mobility Division, with headquarters in Boston and technology R & D centers throughout the United States and Asia, including South Korea. Hyundai Motor Group and Aptiv will each appoint an equal number of directors to jointly manage the joint venture.
The joint venture's base in South Korea will serve as a key technology center, vehicle modification base, and test base for autonomous driving mobile service platforms. Hyundai Motor Group's strong presence in the local automotive market and Korea's advanced 5G infrastructure are expected to stimulate further development of the partnership. The partnership strengthens the shared vision of the two companies by advancing the development and commercialization of high-performance and safe autonomous vehicles, even as mobile mobility is safer, environmentally friendly, connected and accessible.
Euisun Chung, Executive Vice President of Hyundai Motor Group, said, "The new joint venture marks our journey with Aptiv towards the commercialization of autonomous driving. As a leading global technology company, Aptiv will be a leader in the creation of autonomous driving. Valuable synergy. "
Kevin Clark, Chairman and Chief Executive Officer of Amberforth, said, "This partnership further strengthens Amberford's industry-leading capabilities in developing advanced driver assistance systems, vehicle connectivity solutions, and smart vehicle architectures. Hyundai Motor Group's cutting edge Engineering and R & D capabilities make it our choice to jointly advance the development of a producible autonomous driving platform. "