Hyundai and its Chinese partner BAIC have decided to invest $1.1 billion in their China-based joint venture (JV), Reuters reported, citing a statement from BAIC.
The move comes despite Hyundai’s recent challenges in the region, including a decline in sales and increased competition from local manufacturers, the report said.
The investment, split equally between Hyundai and its Chinese partner BAIC, will bring Beijing Hyundai’s total registered capital to $4.074 billion.
This JV, now in its 22nd yeari.e has seen a decline in annual sales, which fell to 249,000 vehicles last year – a stark contrast to the peak performance in 2016.
In a separate development, Hyundai Motor Group has expanded its partnership with Google to deliver next-generation navigation and infotainment solutions for its vehicles.
This integration will be linked to the Android Automotive operating system.
Drivers of new Hyundai, Kia and Genesis models will soon benefit from up-to-date information from Google Maps Platform in more than 250 million locations worldwide.
The initiative will provide drivers with up-to-date information in more than 250 million locations worldwide, improving navigation and infotainment systems.
The integration of Google Maps Platform’s Places API will improve navigation accuracy by providing up-to-date information about businesses, including details on opening hours, contact details, ratings and reviews.
Initially, Kia drivers in North America will be the first to experience these improvements, with future expansions planned for Hyundai, Kia and Genesis models worldwide.
Chang Song, president and head of Hyundai Motor Group’s Advanced Vehicle Platform Division, said: “Hyundai Motor Group develops SDV and mobility technologies to deliver customer-centric values.
“Our partnership with Google, which helps people find a lot of useful information around the world, will be an opportunity for Hyundai Motor Group, expanding our coverage of technology in the mobility market and bringing more value to customers.”
“Hyundai and BAIC Strengthen China Joint Venture with $1.1 Billion Investment” was originally created and published by Just Auto, a brand owned by GlobalData.
The information on this site has been included in good faith for general information purposes only. It is not intended to amount to advice on which reliance should be placed and we make no representation, warranty or guarantee, express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking or refraining from any action on the basis of the content on our site.
