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[Alpha Biz=(Chicago) Reporter Kim Jisun] Motional, a U.S. self-driving company invested by Hyundai Motor Co., has lost nearly 1.5 trillion won over the past three years, a report showed.

According to the Financial Supervisory Service's electronic disclosure system on the 25th, the operating loss of Morenal, an autonomous driving joint venture established by Hyundai Motor and US electronics company Aptiv, totaled 1.4995 trillion won over the past three years (2020-2022).

Motional's deficit is growing because of its limited business model. Autonomous driving is in a situation where it is difficult to make profits because commercialization has not taken place in earnest.

Since its establishment in 2020, Moenel has aimed to develop and commercialize autonomous vehicles (robo taxis) based on Hyundai Motor's electrification model.

The loss of Motional is already a significant burden on Hyundai Motor. Hyundai Motor's equity method losses due to Morenal's deficit totaled 411.1 billion won, including ▲99.1 billion won in 2020 ▲ 122.9 billion won in 2021 ▲ 189.1 billion won in 2022.

In fact, Hyundai Motor's robot company 'Boston Dynamics' will be practically managed by HMG Global. This is because Hyundai Motor and Hyundai Mobis invested in kind their stakes in Boston Dynamics, which they held with the launch of HMG Global. The equity invested is 746.7 billion won, which is 50% of Boston Dynamics' total stake.

At the end of last year, Motional notified dozens of employees of layoffs. The company explains that it is reducing the number of people to streamline management. Carnull is known to employ more than 1,500 employees in the U.S., including Boston, Las Vegas and Pittsburgh, as well as global branches such as South Korea and Singapore.

Hyundai Motor recently replaced Motional's Chief Financial Officer (CFO) with Lee Chul-gon, former head of Hyundai Motor's IR team (director).

 

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