Hyundai indicators growth take care of EV startup Canoo, Auto Information, Automobilnews
Seoul: Korean automaker Hyundai Motor Co broadened its future transportation portfolio with an settlement to collectively develop electrical automobiles with California startup Canoo, the businesses stated on Tuesday.It was the second such deal introduced in latest weeks by Hyundai and sister firm Kia Motors Corp, which in mid-January stated they might make investments $110 million in UK startup Arrival and collectively develop electrical industrial automobiles.
In Seoul, a Hyundai spokesperson stated the automaker’s partnership with two-year-old Canoo would deal with smaller electrical passenger automobiles concerning the dimension of its Accent compact.
Like Arrival, Canoo has developed a “skateboard” – a low-rise platform that bundles batteries and electrical motors with such chassis elements as steering, brakes, wheels and tires – on which quite a lot of physique varieties might be constructed.
Canoo final fall revealed its personal “post-SUV” mannequin, primarily based on its electric-vehicle skateboard and meant to be marketed to people and fleets by subscription.Hyundai has been investing closely in latest months in quite a lot of future transportation ventures, notably a $four billion three way partnership with auto provider Aptiv, introduced in September, to develop self-driving automobiles and programs.
These investments are a part of a sweeping five-year, $87 billion plan to ramp up the automaker’s experience and exercise in electrification, automation and associated companies.
Beforehand, Hyundai and Kia had made various transportation-related investments, together with in Silicon Valley self-driving startup Aurora and experience companies startups Ola in India and Seize in Singapore. Hyundai and Kia final yr invested $89 million in Rimac Automobili, a nine-year-old Croatian firm that aspires to construct electrical supercars and which can be backed by Porsche AG.