Hyundai Motor Group (HMG) said it had invested KRW1.3trn (US$1bn) in 200 startups globally since 2017, mostly in mobility services, powertrain electrification and zero emissions, connectivity, artificial intelligence (AI) and autonomous driving, to strengthen its future mobility business.

The automaker announced these achievements at its Open Innovation Tech Day event in Seoul where it discussed existing and future technology strategy with its global startup collaborators.

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These investments did not include major acquisitions and joint ventures such as Boston Dynamics, Motional and Supernal.

HMG generates opportunities to participate in startups that offer future mobility technology through its Hyundai Cradle progamme, which has offices in the US, Germany, Israel, China and Singapore. The company also has 19 investment funds in major countries, focused on securing global investment capability to support startups.

In South Korea, HMG operates the open innovation hub ZER01NE and works with five key local startup companies including AI based virtual human manufacturing firm Metaverse Entertainment, robot delivery service firm Mobinn, autonomous driving drone startup ViewMagine, 3D laser scanning firm Mobil Tech, and customised music curation service firm Aplayz.

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HMG said it invested KRW700bn in the last seven years in mobility services such as Grab in Singapore and OLA in India. By area, it has invested KRW280bn in electrification startups, KRW126bn in connectivity, KRW60bn in AI, KRW54bn in autonomous driving and KRW25bn in energy, including hydrogen.

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The automaker said it would continue to “strengthen strategic partnerships with global startups through stake investments, joint investments and mergers and acquisitions to strengthen business synergies”.