Hyundai Motor Group said Friday 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 percent stake in the U.S. mobility startup Aptiv was reached to secure stable management authority in Motional to actively develop autonomous driving technology and internalize core technologies.
The South Korean automaker group’s capital increase in Motional will be worth 663 billion won. Together with the acquisition of the 11 percent stake in Aptiv, Hyundai Motor Group’s stake in the joint venture will increase from the existing 50 percent to 55.8 percent.
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 o
f 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.
Source: Yonhap News Agency