Korean autonomous driving technology startup 42dot Inc. attracted 400 billion won ($308.19 million) investment from South Korea’s top carmaker Hyundai Motor Group, raising acquisition reports.
As per various news reports,Hyundai Motor Group may take over a significant stake in the startup to intensify its competitive edge in self-driving technology. The carmaker is buying most of the shares of 42dot, including a 36.19% stake of CEO Song Chang-hyun. The transaction is said to be locked in August.
Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp, already holds a 20.4% stake in the startup as of 2021. Hyundai had announced its plans to secure a projected 12% of the global electric vehicle market and introduce more than 31 electric models through 2030. In March, the company intends to invest about 95.5 trillion won through 2030, including autonomous driving technology and electric-vehicle (EV) businesses.
42dot, founded in 2019, was valued at 600 billion won ($461.2 million) in October last year. The autonomous driving solution startup has developed Transportation-as-a-Service (TaaS) technology for ride-sharing and self-driving vehicles. Hyundai’s investment of 400 billion won is understood as an acquisition deal.
42dot’s smart platform provides car-hailing and logistics services through the urban mobility operating system (UMOS). It enables the driverless system for vehicles, drones, delivery robots, etc. Hyundai set up a TaaS division in April 2021 to lead the group’s future mobility service-related businesses.
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