Motional, an autonomous driving startup established by Hyundai and Aptiv, is heavily investing in the development of self-driving technology. The South Korean automaker aims to proactively develop autonomous driving technology and internalize core technology. Hyundai has announced that it will invest nearly $1 billion in Motional through a capital increase of $487,889,235 and an additional $456,246,344 to acquire 11% of Aptiv’s shares in Motional.
After incurring significant operating losses, Aptiv has announced plans to stop allocating capital to Motional and reduce its ownership share in the self-driving startup. Despite these challenges, Motional has demonstrated its self-driving technology in the United States with the Hyundai Ioniq 5 robotaxi. The self-driving technology passed a typical United States driver’s license test with the Ioniq 5.
Motional was established in March 2020 by Hyundai and Aptiv, an Irish-American automotive technology company. With this investment, Hyundai will have a total share of 66.8% in Motional. The additional funding will enhance Motional’s technological competitiveness and lay the groundwork for expanding synergy between autonomous driving units within Hyundai Motor Group.
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