Daily Management Review

Hyundai to create joint venture for unmanned vehicles


Hyundai Motor Group, a South Korean automobile group, and Aptiv, an American auto parts manufacturer, have reached an agreement to set up a joint venture in self-driving cars.

According to a joint press release of the companies, both sides will invest $ 2 billion in the enterprize.

The purpose of the joint venture is "the development and commercialization of SAE 4 and SAE 5 standard technologies." These technologies provide for full or almost complete automation of the car control process.

Hyundai and Aptiv are planning to begin testing a fully autonomous control system as early as 2020 and create a ready-to-use platform for an unmanned vehicle by 2022.

The company will be headed by Karl Iagnemma, President of Aptiv Autonomous Driving Technology, with headquarters in Boston.

Hyundai shares jumped 2.7% during trading on Monday in Seoul, while the price of Aptiv securities in electronic trading in New York is down 0.1%.

source: techcrunch.com