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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Co. and Kia Motors Corp. will inject 1 trillion won worth of funds into 42dot, a subsidiary of Hyundai Motor Group's software business headquarters.
Hyundai Motor Co. and Kia Motors Corp. announced on the 25th that they have decided to acquire a total of 1.539 trillion won worth of Potito shares to maintain control of 42 dot and enhance their business competitiveness. Hyundai Motor will invest 632.4 billion won and Kia will invest 421.5 billion won to acquire 4.9 million and 3.26 million shares, respectively. After the capital increase, the 42-dot stake will be 55.9% for Hyundai Motor and 37.3% for Kia.
Last year, Hyundai Motor Group acquired 42dot, an autonomous driving technology startup. 42dot was founded in 2019 by Song Chang-hyun, a former CEO of Naver Labs, and has developed an urban mobility integration platform. Hyundai Motor Group took over the entire company in August last year and assigned Song to oversee Hyundai Motor Group's software business as a whole.
Hyundai Motor Group's investment of KRW 1 trillion in 42dot is also interpreted as an intention to boost software competitiveness faster. FortiDot is considered to have empirical data and advanced technology, especially in the field of autonomous driving.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
