Hyundai Mobis announced it is investing US$50m in leading US light detection and ranging (lidar) technology company Velodyne Lidar to help speed up development and commercialisation of Level 3 autonomous driving lidar systems.
The two companies aim to launch mass production of Level 3 lidar systems by 2021, initially targeting Asian markets including South Korea and China and eventually expanding into North American and European markets.
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Velodyne, which is described as the largest global producer of lidar systems, will supply the latest high resolution lidar sensor technology which Hyundai Mobis will then integrate with its own cognitive software.
The software processes the outside vehicle environment data gathered by the lidar sensors, allowing the system to recognise and analyse moving and stationary objects such as road signs and traffic.
Hyundai Mobis said in a statement "with Velodyne's lidar sensors we can complete our sensor technology line up for autonomous driving of level 3 and above, where driving responsibility is shifted from humans to an independent car system".
The company added it successfully developed a short range radar system last year and expects to complete the development of deep learning based camera and high performance radar technology by next year.
Ko Youngsuk, head of Hyundai Mobis' strategic planning division, said: "I am delighted we are cooperating with Velodyne Lidar, one of the industry's most reliable suppliers of mass production lidar sensors, to help complete our development of lidar systems which are essential in high level autonomous driving."
He added: "Hyundai Mobis will continue to expand strategic collaboration with various innovators to accelerate open innovation for key technologies."
Just last month, Hyundai Mobis agreed to invest in a US$4bn joint venture with Hyundai Motor and Kia Motors with Ireland based autonomous vehicle technology company Aptiv to develop a self-driving platform with Level 4 to 5 autonomous technology by 2022.
Aptiv will invest US$2bn for a 50% stake in the joint venture which is scheduled to become operational in 2020 with its headquarters in Boston, US.
