Hyundai Motor Group, the largest automaker in South Korea, intends to increase its position in the local company 42dot Inc., which specialises in autonomous driving technologies. According to Korea Economic Daily, the manufacturer had intended to invest about $308.19 million. It is said that the process would be finished next month. At the moment, the startup is owned by both Hyundai and its affiliate Kia Motors to the tune of 20.4%. The manufacturer wants to increase its ownership of the business. This is in line with the approach adopted by Hyundai and Kia to increase their emphasis on autonomous driving technologies.
In an effort to obtain a predicted 12% share of the worldwide electric vehicle market, Hyundai wants to introduce more than 31 electric vehicles by the year 2030. Most of these cars will be fitted with a variety of advanced driver assistance systems, along with self-driving technology. In order to do that, Hyundai launched plans on March of this year to invest roughly $16 billion through 2030 in cutting-edge automotive technologies. This also applies to enterprises that produce electric vehicles and autonomous driving technology. Hyundai and Kia might advance the development of a variety of Advanced Driver Assistance Systems (ADAS) as well as self-driving technology with a larger investment in 42dot Inc.
It's interesting to note that Hyundai stated in June of this year that it would test a RoboRide car-hailing service in South Korea with Ioniq 5 battery-electric cars equipped with internally developed level 4 autonomous driving technology. In Gangnam, one of the most crowded districts in metropolitan Seoul, RoboRide will be the first car-hailing service using autonomous driving vehicles.