Hyundai has announced that the company will be investing further in Motional, a company that develops autonomous vehicles. Motional is a joint venture between Hyundai and Aptiv. Hyundai will be purchasing additional shares in Motional worth $475 million and acquiring another 11% stake from Aptiv for $448 million.
This additional investment from Hyundai is to ensure that Motional has sufficient capital for future operations. This is crucial as Motional is planning to develop commercial autonomous taxi services that require significant capital investment before turning a profit.
Aptiv, on the other hand, is selling its shares in Motional with the aim of reducing its ownership in the company. According to the plan, Aptiv will sell shares to Hyundai, resulting in Hyundai holding approximately 15% of the shares, with the remaining 85% owned by Hyundai.
Motional, originally known as nuTonomy, was acquired by Delphi in 2017 and later spun off into a separate company under the name Motional through the partnership of Hyundai and Aptiv. Currently, Motional’s autonomous vehicles have been granted testing permits in several cities including Boston, Pittsburgh, Las Vegas, Los Angeles, and Singapore. Additionally, Motional has partnered with ride-hailing service providers like Uber and Lyft to operate its autonomous electric vehicle IONIQ 5 at Level 4 autonomy.
TLDR: Hyundai to increase investment in Motional to support development of autonomous vehicles. Aptiv to reduce ownership stake in Motional through share sale to Hyundai, with Hyundai holding 15% and Aptiv 85%. Motional, formerly nuTonomy, is focused on developing autonomous taxi services and has received testing permits in multiple cities. Partnered with Uber and Lyft to operate autonomous vehicle IONIQ 5 at Level 4 autonomy. Source: TechCrunch.
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