Korean automotive company Hyundai and its Chinese partner BAIC have decided to invest $1.1bn in their China-based joint venture (JV), Reuters reported citing a statement issued by BAIC.
The move comes despite Hyundai's recent challenges in the region, including a decline in sales and increased competition from local manufacturers, the report said.
The investment, shared equally between Hyundai and its Chinese partner BAIC, will bolster the total registered capital of Beijing Hyundai to $4.074bn.
This JV, now in its 22nd year, has experienced a reduction in annual sales, which dropped to 249,000 vehicles last year – a stark contrast to its peak performance in 2016.
In a separate development, Hyundai Motor Group has expanded its collaboration with Google to deliver next-generation navigation and infotainment solutions for its vehicles.
This integration will be coupled with the Android Automotive Operating System.
Drivers of new Hyundai, Kia, and Genesis models will soon benefit from Google Maps Platform’s up-to-date information on over 250 million places worldwide.
The integration of Google Maps Platform’s Places API will enhance navigation accuracy by providing up-to-date information about businesses, including details on operating hours, contact information, ratings, and reviews.
Initially, Kia drivers in North America will be the first to experience these enhancements, with future expansions planned for Hyundai, Kia, and Genesis models globally.
Hyundai Motor Group Advanced Vehicle Platform Division president and head Chang Song said: “Hyundai Motor Group is developing technologies in the field of SDV and mobility to provide customer-centered values.
“Our partnership with Google, who helps people find a lot of useful information around the world, will serve as an opportunity for Hyundai Motor Group, broadening our coverage of technology in the mobility market and providing greater values to customers.”
