September 23, 2019 / 9:24 AM / a month ago

Hyundai Motor Group, Aptiv to set up $4 bln self-driving JV

SEOUL, Sept 23 (Reuters) - Hyundai Motor Group and Aptiv said on Monday that they will create an autonomous driving joint venture valued at $4 billion, with each owning a 50% stake.

Hyundai Motor Group affiliates — Hyundai Motor, Kia Motors and Hyundai Mobis — will collectively contribute $1.6 billion in cash and $0.4 billion in vehicle engineering services, R&D resources and access to intellectual property. (Reporting by Hyunjoo Jin and Ju-min Park, editing by Louise Heavens)

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