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Business deals

Hyundai to launch $4bn driverless joint venture with Aptiv

South Korean automaker looks to catch up to rivals in autonomous arena

A driver holds his hands just underneath the steering wheel during a live demonstration of Aptiv's self-driving vehicle.   © Reuters

SEOUL -- The Hyundai Motor group will set up a $4 billion joint venture in self-driving vehicles with auto parts supplier Aptiv next year, aiming to catch up with peers in the technology.

Each side will invest $2 billion. Aptiv will contribute about 700 engineers and transfer patents and other intellectual property associated with autonomous driving to the venture.

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