Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.