Hyundai Motor Group and Aptiv say they will be forming an autonomous driving joint venture. This partnership brings together a vehicle technology supplier and one of the world’s largest vehicle manufacturers. The joint venture -it’s claimed – will advance the design, development and commercialization of SAE Level 4 and 5 autonomous technologies. The JV will begin testing fully driverless systems in 2020 and have a production-ready autonomous driving platform available for robotaxi providers, fleet operators, and automotive manufacturers in 2022. Aptiv conducted the first coast-to-coast automated drive in the United States in 2015 and was the first to commercially deploy autonomous vehicles globally. (SAE Autonomous Driving Levels)
As part of the agreement, Hyundai Motor Group and Aptiv will each have a 50% ownership in the joint venture, valued at a total of $4 billion. Aptiv will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions. Hyundai Motor Group affiliates — Hyundai Motor, Kia Motors and Hyundai Mobis — will collectively contribute $1.6 billion in cash at closing and $ 0.4 billion in vehicle engineering services, R&D resources, and access to intellectual property. The transaction is subject to regulatory approval and other customary conditions and is expected to close early in the second quarter of 2020.
Aptiv operates more than 100 autonomous vehicles on multiple continents, across a range of driving conditions and environments, including the largest commercial deployment of autonomous vehicles in Las Vegas with a ride-hailing network. To date, the company has provided more than 70,000 paid autonomous rides, servicing more than 2,700 destinations, while maintaining an average passenger rating of 4.95-out-of-five stars. The autonomous driving platform will be available for robotaxi providers, fleet operators, and automotive manufacturers in 2022.