Hyundai Motors To Invest KRW 1.05T In Mobility Firm 42dot

Hyundai Motor and its sister company Kia said on Tuesday (Apr 25) that they will invest a total of 1.05 trillion won (US$787.05 million) to acquire shares in autonomous mobility firm 42dot.

In regulatory filings, the automakers stated that the investment was made to preserve control of 42dot while also increasing operational competitiveness.

Hyundai Motor Company, sometimes known as Hyundai Motors Hanja, is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea, and founded in 1967. Currently, the firm controls 33.88 percent of Kia Corporation and entirely owns two marques, namely Genesis Motor, a luxury automotive subsidiary, and Ioniq, an electric vehicle sub-brand. The Hyundai Motor Group is made up of these three brands.

In Ulsan, South Korea, Hyundai maintains the world's largest integrated vehicle manufacturing facility, with an annual production capacity of 1.6 million units. Around 75,000 employees work for the company internationally. Hyundai automobiles are sold through 5,000 dealerships and showrooms in 193 countries.

Kia Corporation, or just Kia, is a South Korean multinational vehicle manufacturer located in Seoul. With sales of over 2.8 million vehicles in 2019, it is South Korea's second-largest automobile manufacturer after its parent firm, Hyundai Motor firm.