Hyundai Motor Group is receiving support from South Korea for self-driving car development
This story was delivered to Business Insider Intelligence Transportation & Logistics Briefing subscribers earlier this morning. To check to see if you already have access to Business Insider Intelligence through your company, click here. South Korea-based Hyundai Motor Group revealed plans to commit 41 trillion won ($34.6 billion) by 2025 to develop next-generation automotive technologies, according to Reuters.
The investment will span multiple technologies including autonomous vehicles (AVs), connected vehicles, electric vehicles (EVs), and ride-sharing technology. Hyundai's massive investment in new automotive technologies comes on the heels of its commitment of $2 billion in cash and assets to found a self-driving joint venture with AV startup Aptiv in September 2019.
Hyundai's push for AVs is getting heavy support from the South Korean government, which has set ambitious timelines for AV development and commercialization.Hyundai's investment will help it meet the government's goal for the company to deliver AVs to fleet operators in 2024 and to consumers by 2027.See the rest of the story at Business Insider
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