Hyundai Motor & Kia set to top $72 billion in combined market cap
The combined market capitalisation of Hyundai Motor and Kia is widely expected to surpass the 100 trillion-won ($72.2 billion) mark this year, according to industry watchers.
Hyundai Motor said on Friday it will spend $424 million to construct an Artificial Intelligence (AI) research centre in the US to support its edge in robotic technology, a region it refers to as a key future development driver.
Hyundai Motor, Kia and Hyundai Mobis – Hyundai’s three key auto subsidiaries, will contribute $211.9 million, $127.1 million and $84.7 million, separately, for the AI centre that will be situated in Boston, Hyundai’s administrative filing showed.
The institute will “invest resources across the technical areas of cognitive AI, athletic AI and organic hardware design, with each discipline contributing to progress in advanced machine capabilities,” Hyundai said in a release on the website.
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The AI centre, tentatively named the Boston Dynamics AI Institute, will be headed by Marc Raibert, pioneer and previous head of Boston Dynamics, a U.S. robotics company Hyundai acquired last year, reports Yonhap news office.
Hyundai Motor, led by Chairman Euisun Chung, has vigorously been putting resources into the improvement of automative programming and related mobility innovations, including Software Defined Vehicles (SDVs), an idea that the vehicle’s softeare capability willcharacterise the nature of the vehicle and driving.
In a different declaration, Hyundai said it will likewise lay out another product place in South Korea with an end goal to speed up endeavors toward a venture into self-driving, jolt and other high level auto advances.
As a component of the arrangement, Hyundai said it has as of late gained 42dot, a Seoul-based independent driving programming and portability stage startup, for 274.6 billion won ($211.1 million).
(inputs from IANS)
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