) will collectively contribute $1.6 billion in cash and $400 million in research and development resources and others, valuing the joint venture $4 billion, Hyundai Group and Aptiv said in a joint statement.
Aptiv Chief Executive Kevin Clark in a joint interview with Hyundai Executive Vice Chairman and heir apparent Euisun Chung on Monday said the joint venture at this point would not get involved in running ride-hailing, data or network services of its own. “Uber is developing its own technology, but potentially our technology could be better than theirs and then they could also become our customers,” Chung said through a translator.
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