Hyundai has made a major investment of nearly $1 billion in developing self-driving technology through the autonomous driving startup Motional. The decision was made to actively develop autonomous driving technology and internalize core technology, according to the South Korean automaker. In March 2020, Hyundai along with Irish-American automotive technology company Aptiv established Motional. The automaker plans to spend $487,889,235 in capital increase and an additional $456,246,344 to acquire 11% of Aptiv’s share in Motional, increasing its total share to 66.8%.
The additional investment from Hyundai is expected to enhance Motional’s technological competitiveness by setting the direction for technology development and building a foundation for expanding synergy within Hyundai Motor Group’s autonomous driving units. However, in January 2024, Aptiv announced that it would cease allocating capital to Motional and seek ways to reduce its ownership share due to the startup’s significant operating losses over the past three years, totaling $1,471,530,400 according to reports from Hyundai Motor Group’s affiliates.
In March, Motional showcased its self-driving technology in the United States by testing the Hyundai Ioniq 5 robotaxi. The demonstration proved successful as Motional’s self-driving tech passed a typical United States driver’s license test with the Ioniq 5. For any further information or tips, readers can contact the author at maria@teslarati.com or via X @Writer_01001101.