Hyundai And Kia To Invest In Self-Driving Start-Up Aurora
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Hyundai Motor Co said on Thursday it would invest in self-driving car software startup Aurora along with Kia Motors Corp to speed up development of autonomous vehicle technologies.
“With the new investment, the companies have agreed to expand research to a wide range of models and to build an optimal platform for Hyundai and Kia’s autonomous vehicles,” Hyundai said
Aurora said in a blog post that Hyundai and Kia’s investment is part of a series B financing round, which has now raised more than $600 million.
Aurora, which just announced a partnership with Fiat Chrysler Automobiles, competes with Alphabet’s Waymo and General Motors’ majority-owned Cruise, among others.
Questions & Answers
Q.What is the primary reason for Hyundai and Kia's investment in Aurora?
What is the primary reason for Hyundai and Kia's investment in Aurora?
Hyundai Motor Co and Kia Motors Corp are investing in Aurora to accelerate the development of their autonomous vehicle technologies. This investment aims to expand research across various models and establish an optimal platform for their self-driving cars.
Q.How much funding has Aurora raised in its current financing round, including this investment?
How much funding has Aurora raised in its current financing round, including this investment?
Aurora has now raised over $600 million in its Series B financing round. The investment from Hyundai and Kia is a component of this overall fundraising effort, contributing to the total amount secured.
Q.Which other companies does Aurora compete with in the self-driving technology sector?
Which other companies does Aurora compete with in the self-driving technology sector?
Aurora faces competition from several other companies in the autonomous vehicle technology space. Its key rivals mentioned include Alphabet's Waymo and General Motors' majority-owned Cruise, among others in the market.
Q.Has Aurora partnered with any other car manufacturers recently?
Has Aurora partnered with any other car manufacturers recently?
Yes, Aurora recently announced a partnership with Fiat Chrysler Automobiles. This collaboration was mentioned alongside the news of the investment from Hyundai and Kia in the self-driving startup.
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