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Photo: Hyundai Motor Group |
[Alpha Biz= Paul Lee] Hyundai Motor Company is accelerating its future mobility strategy by injecting KRW 292.3 billion (approx. USD 210 million) into its autonomous driving subsidiary, 42dot.
On July 24, Hyundai Motor announced it would participate in a rights offering for 42dot, acquiring an additional 2.26 million common shares. The capital increase is scheduled for August and brings Hyundai's total investment in 42dot to approximately KRW 933.8 billion.
This latest investment aims to secure operating funds and advance the development of software-defined vehicle (SDV) technologies. Founded by Song Chang-hyun, former head of autonomous driving at Naver, 42dot was acquired by Hyundai Motor Group in 2022 for around KRW 420 billion.
According to Hyundai and Kia’s Q1 filings, Hyundai holds a 59% stake in 42dot, while Kia owns 39%.
The funding is the final installment of a previously announced KRW 657 billion three-phase investment plan from June 2023.
Hyundai and Kia plan to apply 42dot’s software technologies across production models starting this year. Kia’s newly launched Purpose Built Vehicle (PBV), the PV5, will integrate 42dot’s fleet management system, “PLEOS FLEET.” Additionally, the group is preparing to unveil the E2E autonomous SDV concept car “PACE Car” in 2026.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
