Hyundai Motor’s U.S. partner Aurora to acquire Uber’s self-driving vehicle unit

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Hyundai Motor Group adds value to its autonomous power from the acquisition of self-driving division of Uber by its strategic U.S. partner Aurora Innovation.

Aurora, under partnership with Hyundai Motor and Kia Motors since 2018 after equity investment, has agreed to acquire Uber’s self-driving division Advanced Technology Group (ATG). The deal involves Uber investing $400 million into Aurora and retaining a 26 percent ownership stake in the startup, according to multiple global media outlets including Bloomberg. Moreover, the deal guarantees that Aurora will launch its self-driving vehicles on Uber’s ride-hailing network.

The deal, which is expected to close during the first quarter 2021, has valued ATG at $4 billion while Aurora at $10 billion.

“(ATG’s) foundational work and combined expertise gives Aurora an unprecedented opportunity to lead the industry in both trucking and passenger mobility,” Aurora Chief Executive Chris Urmson was cited in the media reports.

The latest deal is expected to allow Hyundai Motor Group, one of major investors in Aurora that invested in the startup in June 2019, to gain access to Uber’s massive ride-hailing network to test its self-driving technology.

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