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Headline : A Hyundai-backed startup is delaying its driverless taxi ambitions

Read more from the original article on here at qz.com.





Tags : #hyundaibacked #startup #delaying #driverless #taxi #ambitions


No. of Paragraph 11

Hyundai Motor Co. and Aptiv’s joint self-driving car joint venture is pausing its operations, delaying commercialization plans, and laying off employees, according to the startup’s CEO.

The decision comes a week after Hyundai agreed to spend $900 million to keep the startup, Motional, afloat in return for a larger stake. After the purchase, the South Korean automaker will own about 85% of the venture. Aptiv and Hyundai each invested $2 billion investment to launch the startup in March 2020.

Motional CEO Karl Iagnemma on Tuesday said in a blog post that despite the startup’s success, large-scale deployment of driverless cars “will not happen overnight.”

Motional has introduced a Level 4 autonomous vehicle, the all-electric Ioniq 5 robotaxi, and completed more than 100,000 autonomous rides in Las Vegas and “thousands” of food deliveries in Los Angeles through its partnerships with Uber and Lyft. For comparison, Tesla’s Full Self-Driving and Autopilot technology is ranked as a Level 2 self-driving system, according to SAE International’s standards.

Read more from the original article on here at qz.com.


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