Hyundai Motor plans to fully acquire autonomous driving startup 42dot
It has been learned that Hyundai Motor plans to completely acquirethe autonomous driving initiative 42dot . It was stated that Hyundai, which has a 20.4% stake in the South Korea-based venture, started negotiations in June. It was noted that the terms of the agreement are in the evaluation stage. This news comes 9 months after 42dot received an investment of approximately $435 million. Started in 2019 by former Apple, Microsoft and Naver alum Song, the company produces self-driving software and hardware.
Hyundai announced last month that it will invest $16 billion in electric vehicles by 2030 . It is known that the company, which aims to sell 1.87 million vehicles annually, aims to achieve a 7 percent share in the global electric vehicle market. This acquisition plan is said to be part of his work on electric vehicles.
Mergers, acquisitions and investment news are frequently on the agenda in the autonomous vehicle sector. Last April, Germany-based electronics and engineering firm Bosch came to the fore with the news that it had acquired autonomous vehicle technology developer Five . The financial values of the agreement were not disclosed in the announcement. It was stated that the purpose of the purchase is to offer “European made technology” in the autonomous vehicle sector.
According to PitchBook’s data, the market value of the company, which has collected $ 78.7 million in investment so far, is $ 216 million. The company, which was founded by Stan Boland, is headquartered in Cambridge. The company, which started its operations in 2015, has 135 employees. Five has 11 investors. Notable names include Amadeus Capital Partners, Notion Capital, Lakestar, Trustbridge Partners, Kindred Capital.
Last January, autonomous vehicle startup Wayve received an investment of $200 million. The total investment value of the company increased to 258 million dollars. It has been announced that the new investment will be used in the company’s R&D studies .