Hyundai in Talks to Acquire 42dot, a Korean Self-driving Start-up

2022-08-02 09:56:24

In the latest indication of Hyundai Motor’s growing interest in the quickly expanding industry, it is exploring expanding its share in or acquiring the South Korean lidar-free autonomous mobility platform 42dot.

According to 42dot’s regulatory filing, Hyundai Motor currently owns a 20.4 percent stake in the three-year-old start-up, while Chang-Hyeon Song, co-founder, and chief executive of 42dot and, interestingly, the head of Hyundai Motor’s transportation -as-a-service (TaaS) team, held a 36.19 percent stake as of December 2021.

The announcement comes about nine months after 42dot raised $88.5 million in its Series A fundraising round at an estimated worth of $425 million to further its TaaS service and urban mobility management system (UMOS).

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Written by Jitendra Singh

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