The joint venture will advance the design, development and commercialization of SAE Level 4 and 5 autonomous technologies, furthering the partners’ leadership position in the global autonomous driving ecosystem. The joint venture is scheduled to start testing fully driverless systems in 2020 and have a production-ready autonomous driving platform in 2022.
As part of the agreement, Hyundai and Aptiv will each have a 50% ownership stake 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 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 new joint venture will be led by Karl Iagnemma, President, Aptiv Autonomous Mobility and headquartered in Boston, with technology centers across the United States and Asia, including Korea. Hyundai Motor Group and Aptiv will each appoint an equal number of directors to govern the joint venture.