IANS | 03 May, 2024
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.
