Hyundai Motor Group (HMG) said it planned to increase its shareholding in its US based autonomous driving joint venture Motional while also acquiring a stake in Aptiv, its partner in the joint venture.
According to local reports, the automaker planned to increase its stake in Motional this year through a KRW663bn (US$486m) paid in capital increase while acquiring an 11% stake in Aptiv which describes itself as a “global technology company that designs, develops and manufactures software and hardware solutions to enable a safer, greener and more connected future of mobility”.
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HMG said these decisions were intended to strengthen its managerial control of Motional, strengthen its focus on autonomous driving technology and “internalise” the joint venture’s core technology.
The automaker’s stake in Motional would increase from 50% to 55.8% as a result of the transactions.
HMG said in a statement: “By establishing the direction of Motional’s technology development, we expect to enhance our technological competitiveness and lay the groundwork for expanding synergies between autonomous driving divisions within the group.”
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