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Home Read a ride Cars/SUVs

Hyundai invests $448 Million in self-driving venture, acquiring 11% stake from Aptiv

David Ijaseun by David Ijaseun
May 2, 2024
in Cars/SUVs, Tech
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Aptiv and Hyundai
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Hyundai Motor is set to increase its stake in the self-driving technology field, as it acquires an 11% share in Motional, a self-driving joint venture with auto parts supplier Aptiv. This move comes alongside Aptiv’s revision of its annual sales forecast, a decision that saw the company’s shares rise by approximately 11.6% during morning trading.

The acquisition, valued at $448 million, will see Hyundai take over Aptiv’s share in Motional’s common equity, a deal expected to be finalised by the third quarter of this year. Additionally, Hyundai will inject a further $475 million into Motional in the second quarter to support the venture’s growth.

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Aptiv’s decision to reduce its equity interest in Motional reflects broader trends in the automotive industry, where legacy automakers are reassessing their involvement in autonomous technology due to technological challenges and safety concerns surrounding self-driving vehicles.

Garrett Nelson, an analyst at CFRA, in a Reuters report, described the move as a “big positive,” noting that Motional had been a financial burden on Aptiv for some time. As part of the agreement, Hyundai will become the primary funder of Motional, relieving Aptiv of any future financial obligations to the joint venture.

Motional currently operates a robotaxi service in Las Vegas using Hyundai’s IONIQ5 electric car, offering rides through Uber and Lyft. Aptiv also announced an increase in its share repurchase target for the year, from $750 million to $1.5 billion.

Despite revising its full-year 2024 net sales forecast to between $20.85 billion and $21.45 billion, down from the previous projection of $21.3 billion to $21.9 billion, Aptiv remains optimistic. CEO Kevin Clark emphasised the company’s focus on leading technologies and cost optimization to drive performance in the latter half of the year.

While Aptiv faces challenges such as a slowdown in electrification in North America and Europe, as well as ongoing labour and material cost pressures, strong demand for its safety equipment has helped offset these issues. This positive outlook was reflected in a first-quarter profit beat, indicating a potentially promising future for Aptiv despite the challenges ahead.

Read more on New York Auto Show 2024: Hyundai among top attractions with new SUV debuts

Tags: HeadlineHyundaiself-driving cars

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