Hyundai Motor To Raise Stake In Autonomous Driving JV Motional In US
Date
5/3/2024 12:45:12 AM
(MENAFN- IANS) Seoul, May 3 (IANS) Hyundai Motor Group said on Friday that it will raise its stake in Motional, the group's autonomous driving joint venture in the United States, through a paid-in capital increase, as well as invest in the local venture partner Aptiv.
Hyundai Motor Group said the decision for the paid-in capital increase and the Acquisition of an 11 per cent stake in the U.S. mobility startup Aptiv was reached to secure stable management authority in Motional to actively develop autonomous driving technology and internalise core technologies.
The South Korean automaker group's capital increase in Motional will be worth 663 billion won, reports Yonhap news agency.
Together with the acquisition of the 11 per cent stake in Aptiv, Hyundai Motor Group's stake in the joint venture will increase from the existing 50 per cent to 55.8 per cent.
Hyundai Motor Group said it aims to accelerate autonomous driving technology development through its participation in the capital increase while also pursuing stable revenue generation strategies.
"By establishing the direction of Motional's technology development, we expect to enhance our technological competitiveness and lay the groundwork for expanding synergies between autonomous driving divisions within the group," a group official said.
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