Hyundai Motor Group to invest $35 billion in future automotive tech, as South Korea’s top automaker accelerates its attempts to catch up in the self-driving car race
South Korean President Moon Jae-in delivers his speech during a ceremony declaring country's vision to lead future mobility tech at Hyundai Motor's Namyang R&D Center in Hwaseong, South Korea, October 15, 2019. Yonhap via REUTERS
The plan, which Hyundai said encompassed autonomous, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with U.S. self-driving tech firm Aptiv . The government expects Hyundai to launch a nationwide service of fully autonomous cars to fleet customers in 2024 and the general public by 2027.
The government said it was conducting a feasibility study for its proposed funding boost, which would include parts, systems and infrastructure. It said Korea lags behind in self-driving car software and key parts like sensors and chips, despite the country’s advanced, fifth-generation mobile data network.
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