Hyundai Motor Group Plans To Raise Stake In Startup: Reports

South Korea's Hyundai Motor Group plans to ramp up its stake in a local startup specialised in autonomous driving technology and invest about 400 billion won ($308.19 million), a newspaper report said.

Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp, has been working on acquiring more stake in 42dot Inc, the newspaper said, adding that the process is likely to be completed next month.

Kia and Hyundai Motor hold a combined 20.4 per cent stake in the startup, as of 2021, according to 42dot Inc's regulatory filing.

Hyundai Motor Group did not immediately respond for a comment.

The Seoul-based automaker plans to introduce more than 31 electric models through 2030 to secure a projected 12 per cent of the global electric vehicle market.

In March, the company floated plans to invest about 95.5 trillion won through 2030, including autonomous driving technology and electric-vehicle (EV) businesses.

Source: Reuters