South Korean carmaker Hyundai Motor Group will start mass production of self-driving cars within the next five years, said Chung Euisun, the heir to the auto giant, as he made a hefty investment in a joint venture the company established with Aptiv on Sept. 23.
At a luncheon session held in New York with Korean correspondents on the same day he signed the $4 billion deal with the US software developer, Chung said the company would apply the autonomous driving technology to be developed jointly with Aptiv to Hyundai cars starting in 2024. The executive vice chairman, who holds the second-highest position in the carmaker — his father, Chairman Chung Mong-koo, is No. 1 — said the company had decided to hold the same number of shares as Aptiv, rather than be a minority shareholder in the venture, in an effort to transform itself from a mere car manufacturer into a future mobility solutions provider.
“We expect the era of autonomous vehicles to come early, but it will be possible for customers to go anywhere they want in a driverless car after 2030,” said Chung, who has taken the lead in the absence of his ill father.