Hyundai signs development deal with another EV startup

Korean automaker Hyundai Motor Co. broadened its future transportation portfolio with an settlement to jointly build electric automobiles with California startup Canoo, the firms claimed on Tuesday.

It was the 2nd these offer introduced in the latest months by Hyundai and sister company Kia Motors Corp., which in mid-January claimed they would make investments $a hundred and ten million in United kingdom startup Arrival and jointly build electric industrial automobiles.

In Seoul, a Hyundai spokesperson claimed the automaker’s partnership with two-year-aged Canoo would target on lesser electric passenger automobiles about the sizing of its Accent compact.

Like Arrival, Canoo has developed a “skateboard” — a reduced-rise system that bundles batteries and electric motors with these chassis parts as steering, brakes, wheels and tires — on which a wide variety of overall body types can be crafted.

Canoo final fall revealed its personal “submit-SUV” design, based mostly on its electric-motor vehicle skateboard and meant to be promoted to people today and fleets by subscription.

Hyundai has been investing intensely in the latest months in a wide variety of future transportation ventures, notably a $4 billion joint enterprise with vehicle provider Aptiv, introduced in September, to build self-driving automobiles and methods.

These investments are section of a sweeping 5-year, $87 billion strategy to ramp up the automaker’s abilities and activity in electrification, automation and connected services.

Beforehand, Hyundai and Kia had designed a number of transportation-connected investments, such as in Silicon Valley self-driving startup Aurora and ride services startups Ola in India and Grab in Singapore. Hyundai and Kia final year invested $89 million in Rimac Automobili, a 9-year-aged Croatian company that aspires to construct electric supercars and which is also backed by Porsche.