Posts Tagged ‘aptiv’
The Hyundai Motor Group (HMG) is one of several automobile groups working towards an interconnected and mobile future. Back in October 2019, the HMG signed a contract with Aptiv, a global technology company dedicated to developing safer, greener, and more connected solutions for the future of mobility. Together, the two entered a joint-venture to work towards a global autonomous driving ecosystem. Now in November 2019, the HMG establishes a new mobility service venture to further that initiative. For those not in the know, Kia Motors is one of the brands under the HMG umbrella, just like Jeep and Dodge are under the Fiat Chrysler Automobiles (FCA) umbrella – good news for HMG means good news for Kia.
They’re calling it “MoceanLab”. Was “Motion Lab” already taken? Perhaps the name came from the city the project is launched in. After considerate review, the HMG chose Los Angeles as the home base of MoceanLab. With the large and diverse population, challenges with traffic congestion, and the progressive commitment to transportation innovation and sustainability (the number one state self-driving vehicles go to for test rounds), L.A. was the prime choice for launching a new mobility platform.
“Hyundai Motor Group will introduce innovative mobility platforms and demonstrate diverse mobility services in Los Angeles…More and more customers, including citizens of LA and tourists, will greatly benefit from MoceanLab as its service gradually covers a larger area of LA and diversify its mobility services. With such efforts, Hyundai Motor Group aims to lead the technology development for clean mobility.” – Kyounglim Yun, Executive Vice President of HMG.
That’s right, the HMG is working on launching their own self-driving car sharing program. We can see some influence of their joint-venture with Aptiv, the company that conducted the first coast-to-coast automated drive in the United States, has deployed commercial autonomous vehicles on a global scale, operates more than 100 autonomous vehicles on multiple continents, and is the leading ride-hailing network in Las Vegas. However, the MoceanLab project is starting small with a pilot program.
Wow, who thought the joint venture between the Hyundai Motor Group and Aptiv would pay off so soon? The recent partnership between one of the industry’s most innovative vehicle technology providers and one of the world’s largest vehicle manufacturers hit the ground running to design, develop, and commercialize SAE Level 4 and 5 autonomous technologies. The South Korean based automobile group, Hyundai Motors, recently held a luncheon session in New York to expand on the $4 billion deal between the two companies. The most exciting news executive vice chairman Chung Euisun shared was that the Hyundai Motor Group will begin the mass production of self-driving cars within the next five years.
That’s still awhile away but it’s nice to know that self-driving cars are still on the horizon for the auto market. When it comes to the partnership between the Hyundai Motor Group and Aptiv, both companies are holding an equal share of investment, responsibility, and ownership. With the $4 billion total in mind, Aptiv will be contributing its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions to the joint-venture – this amounts to their share of USD 2 billion. In Hyundai Motors corner, Hyundai Motor, Kia Motors and Hyundai Mobis will start off with a contribution of $0.4 billion in vehicle engineering services, R&D resources, and access to intellectual property, but will collectively pay USD 1.6 billion in cash at closing. Simultaneously, the Hyundai Motor Group holds the same number of shares as Aptiv in their company. Meaning, even after the joint-venture ends, Hyundai Motors and automakers affiliated with it (Kia Motors included) will have the ability to transform itself through the use of Aptiv technology from a mere car manufacturer into a future mobility solutions provider.
Sneaking past us at the end of September was a new joint venture partnership between the Hyundai Motor Group and Aptiv, a global technology company dedicated to developing safer, greener, and more connected solutions for the future of mobility. As we all know, anything that the Hyundai Motor Group becomes a part of directly translates to Kia Motors, an automaker under the Hyundai Motors umbrella. The agreement between Hyundai Motor Group and Aptive is a 50-50 split, valued at a total of USD 4 billion, will be working towards what they call a global autonomous driving ecosystem.
“The new joint venture marks the start of a journey with Aptiv toward our common goal of commercializing autonomous driving…The combined capabilities of Aptiv, a leading global technology company, and our Group, a global OEM, will create invaluable synergy to lead the autonomous driving landscape.” – Euisun Chung, Executive Vice Chairman, Hyundai Motor Group
The partnership we’re watching take flight is between one of the industry’s most innovative vehicle technology providers and one of the world’s largest vehicle manufacturers. By working together, the aim of the joint venture is to design, develop, and commercialize SAE Level 4 and 5 autonomous technologies to further the partners’ leadership position in a growing market of autonomy and artificial intelligence. With each company having a 50-percent stake, Aptiv will be contributing its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions amounting to USD 2 billion. The Hyundai Motor Group is investing their portion, and Hyundai Motor, Kia Motors and Hyundai Mobis will collectively contribute USD 1.6 billion at closing and the remaining USD 0.4 billion in vehicle engineering services, R&D resources, and access to intellectual property.