Hyundai Motor Group is reportedly set to start mass production of driverless cars within the next five years.
Executive vice chairman of Hyundai Chung Euisun said the company would apply autonomous driving technology to be developed jointly with Aptiv to Hyundai cars starting in 2024.
Transport Topics reports Euisun said the company had decided to hold the same number of shares as Aptiv, rather than be a minority shareholder in the venture, in an effort to transform itself from a mere car manufacturer into a future mobility solutions provider.
“We expect the era of autonomous vehicles to come early, but it will be possible for customers to go anywhere they want in a driverless car after 2030,” Euisun said, according to Transport Topics.
According to Transport Topics the groups three subsidiaries. Hyundai Motor, Kia Motors and Hyundai Mobis are to inject a combined $1.6 billion in cash and $400 million worth of engineering services, research and development capabilities and intellectual property rights.
Global auto parts company Aptiv is reportedly generating synergies that match Hyundai’s engineering and R&D capabilities.