Mando shareholders have approved a plan to split off its autonomous driving and part of the mobility business as a wholly owned subsidiary.
The special resolution was passed, the supplier said, “with much support from majority of its shareholders who voted in favor of the resolution as per the recommendations from major domestic and global investor advisory organisations”.
Mando Mobility Solutions (or MMS) will launch on 1 September.
President Cho Seong-Hyeon said: “Mando is now equipped with a new driving engine through this split,” and “we will make every effort to bring positive value to our shareholders and to society by accelerating advancement of autonomous driving technology”.
The original Mando will be positioned as a “clean technology provider focused on EV solutions”.