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U.S. President Welcomes Hyundai Motor Group’s Investment
Hyundai Motor to Invest US$2 Bil. in a Joint Venture
U.S. President Welcomes Hyundai Motor Group’s Investment
  • By Jung Min-hee
  • October 2, 2019, 09:26
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U.S. President Donald Trump's tweet on Hyundai Motor Group's investment in the United States

U.S. President Donald Trump welcomed the news about Hyundai Motor Group’s and Aptiv’s joint venture establishment in the United States.

On Sept. 23, Hyundai Motor Group announced that it would set up the joint venture with Aptiv by investing US$2 billion in the United States. Specifically, Hyundai Motor Co., Kia Motors and Hyundai Mobis are going to invest 1,238.7 billion won, 667 billion won and 476.4 billion won for a shareholding of 26 percent, 14 percent and 10 percent, respectively. Aptiv is going to provide its autonomous driving technology, intellectual property rights and approximately 700 autonomous driving solution developers.

Aptiv was spun off from Delphi, which was GM’s auto parts business unit. At present, Aptiv is the third-largest autonomous driving software developer in the world behind Waymo and GM.

The joint venture is aiming to develop and supply autonomous driving software that can be applied to every complete vehicle. It is scheduled to be set up in Boston next year through approval procedures.