Euisun Chung, executive vice chairman of Hyundai Motor Group and Kevin Clark, president and CEO of Aptiv. Photo: Courtesy of Hyundai

Hyundai Motor Group and Aptiv are forming a $4 billion joint venture to produce self-driving technology, the latest in a string of alliances between automakers and AV tech companies.

The big picture: Developing self-driving cars is more difficult than many companies expected. Faced with a slowing global economy and mounting regulatory pressures, many players are teaming up to share the technology and financial burdens of AVs.

What's happening: Aptiv and Hyundai Group (which includes Hyundai, Kia and the Hyundai Mobis auto parts-making unit) will each own 50% of the joint venture.

  • Hyundai will invest $1.6 billion in cash and contribute $400 million in R&D resources.
  • Aptiv will transfer its autonomous driving technology, intellectual property and about 700 engineers to the new company.
  • Karl Iagnemma, president of Aptiv autonomous mobility, will lead the joint venture, to be based in Boston.
  • They plan to begin testing fully driverless systems in 2020 and have a self-driving platform available for robotaxi providers, fleet operators and automakers in 2022, senior executives told Reuters.

The intrigue: Hyundai's $2 billion tie-up with Aptiv raises questions about its commitment to Aurora Innovation, another AV tech firm in which it owns a stake.

  • Aurora recently ended a multi-year partnership with Volkswagen, which instead invested in Argo AI.
  • A Hyundai spokesperson emails that the company will continue to work with various partners on AV technology, including Aurora.
  • An Aurora spokeswoman confirmed that its partnerships with Hyundai and Fiat Chrysler Automobiles, among others, are not exclusive.

Go deeper

19 mins ago - Health

Axios-Ipsos poll: Trump's sickness makes him harder to trust

Data: Axios/Ipsos poll; Note: ±3.3% margin of error; Chart: Axios Visuals

Large shares of women, seniors and independents now say they're less likely to trust President Trump for accurate information about COVID-19 since he caught it himself, according to the latest installment of the Axios/Ipsos Coronavirus Index.

The big picture: Week 28 of our national survey has most Americans rejecting ideas that Trump has floated around hydroxychloriquine as a virus treatment, how herd immunity works or any imminent availability of a vaccine.

NY Post story goes massive on social media despite crackdowns

Data: NewsWhip; Chart: Naema Ahmed/Axios

Facebook and Twitter's frantic attempts to stop the spread of the New York Post's Hunter Biden story didn't prevent the article from becoming the top story about the election on those platforms last week, according to data from NewsWhip.

Why it matters: The data shows that even swift, aggressive content suppression may not be swift or aggressive enough to keep down a story with as much White House backing and partisan fuel as this one.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: California to independently review FDA-approved coronavirus vaccinesWisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b---ards" for continuing to cover pandemic.
  5. World: Ireland moving back into lockdown as cases surge — Argentina becomes 5th country to report 5 million infections