Hyundai Mobis said Oct. 23 it will invest US$50 million in a US light detection and ranging (LiDAR) company for autonomous driving technologies.
The South Korean firm has partnered with Velodyne Lidar, a world-leading LiDAR sensors provider, in order to mass-produce Level 3 autonomous driving systems by 2021. Its investment in a stake of Velodyne has yet to be made.
LiDAR is shorthand for light detection and ranging and a key ingredient in the overall sensing package required to make autonomous cars a reality.
Hyundai Mobis aims to develop its own sensing technologies through partnerships with other companies at home and abroad.
In related efforts, Hyundai Mobis joined Hyundai Motor and Kia Motors last month to invest a combined US$2 billion in a 50:50 joint venture with Ireland-based autonomous vehicle startup Aptiv to develop a self-driving platform with Level 4 to 5 autonomous technology by 2022 and supply it to global car makers.
The $4 billion joint company, to be headquartered in Boston, will be set up next year.
By Ram Garikipati and newswires (email@example.com)