Date: May 3, 2024. — Motional, a self-driving car company co-founded by Hyundai and Aptiv in 2020, has secured a major investment of $475 million from Hyundai. This is part of a larger deal where Hyundai is also buying an 11% stake in Motional from Aptiv for $448 million.
This investment strengthens Hyundai’s position in the self-driving car market. They will now have an 85% controlling stake in Motional, up from the previous 50/50 split with Aptiv.
The investment will support the launch of a robotaxi service planned for later this year, which will utilize driverless Hyundai Ioniq 5 vehicles. Motional, with its roots in the Boston-based startup nuTonomy, has been actively testing its self-driving technology in various cities. They also aim to collaborate with established ride-hailing companies like Uber, Lyft, and Via to bring their robotaxi service to the masses.
This move by Hyundai underscores the company’s commitment to advancing autonomous driving technology and its belief in the potential of Motional’s platform. It also reflects the challenges and high costs associated with commercializing robotaxi services, as well as the competitive landscape with other players like Waymo, GM’s Cruise, and Tesla. The future funding needs for Motional remain uncertain, but this investment is a significant step towards realizing its goals.
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