Hyundai is spending close to $1 billion to keep self-driving startup Motional alive [TechCrunch]
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Source: TechCrunch
The Korean automaker invested $475 million directly into Motional as part of a broader deal that includes buying out joint venture partner Aptiv. As part of the deal, Hyundai will spend another $448 million to buy 11% of Aptiv's common equity interest in Motional, according to information revealed Thursday in Aptiv's first-quarter earnings report Aptiv also shared that it expects to reduce its common equity interest in Motional from 50% as of March 31 to about 15%, leaving Hyundai with the remaining 85% control. Aptiv Chairman and CEO Kevin Clark flagged in January that the company would reduce its ownership interest in Motional. The company said at the time that it would stop allocating capital towards Motional due to the high cost of commercializing a robotaxi business and the long road ahead to profits. Aptiv on Thursday reduced its full-year net sales forecast for 2024 to be between $20.85 billion and $21.45 billion, down from between $21.3 billion to $21.9 billion. Motiona
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