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MarketScreener Homepage  >  Equities  >  Nyse  >  Aptiv PLC    APTV   JE00B783TY65

APTIV PLC

(APTV)
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Aptiv, Hyundai Motor Group to Form $4 Billion Autonomous Driving Joint Venture

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09/23/2019 | 06:30am EDT

By Ben Otto

Aptiv and South Korea's Hyundai Motor Group said they will form an autonomous-driving joint venture that the two companies valued at $4 billion.

Hyundai and Dublin-based Aptiv, an automotive-technology company, will each own a 50% stake in the venture, they said in a joint statement Monday.

Aptiv will contribute its autonomous-driving technology and about 700 employees to the effort, while Hyundai group firms Hyundai Motor Co. Ltd. (005380.SE), Kia Motors Corp. (000270.SE) and Hyundai Mobis Co. Ltd. (012330.SE) will provide $1.6 billion in cash and $400 million in vehicle-engineering services and research and development, they said.

The companies will begin testing driverless systems next year, with a goal of readying an autonomous-driving platform for production in 2022.

The deal is subject to regulatory approvals and other conditions, and expected to close in the second quarter of 2020, the companies said.

"This partnership further strengthens Aptiv's industry-leading capabilities in the development of advanced driver assistance systems, vehicle connectivity solutions, and Smart Vehicle Architecture," said Kevin Clark, president and chief executive of Aptiv.

Euisun Chung, executive vice chairman of Hyundai Motor Group, said the JV marks the start of a journey toward the companies' "common goal of commercializing autonomous driving."

The venture will be led by Karl Iagnemma, Aptiv's president of autonomous mobility, and headquartered in Boston, they said.

Write to Ben Otto at ben.otto@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
APTIV PLC -2.18% 75.9 Delayed Quote.-18.26%
HYUNDAI MOBIS CO.,LTD -1.30% 190500 End-of-day quote.-25.59%
HYUNDAI MOTOR COMPANY -0.92% 97200 End-of-day quote.-19.34%
KIA MOTORS CORPORATION 0.47% 32100 End-of-day quote.-27.54%
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Financials (USD)
Sales 2020 11 850 M - -
Net income 2020 1 468 M - -
Net Debt 2020 3 903 M - -
P/E ratio 2020 15,3x
Yield 2020 0,18%
Capitalization 19 786 M 19 786 M -
EV / Sales 2019
EV / Sales 2020 2,00x
Nbr of Employees 141 000
Free-Float 99,4%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 77,28 $
Last Close Price 77,63 $
Spread / Highest target 31,4%
Spread / Average Target -0,45%
Spread / Lowest Target -35,6%
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Managers
NameTitle
Kevin P. Clark President, CEO & Non-Independent Director
Rajiv Lochan Gupta Independent Non-Executive Chairman
Joseph R. Massaro Chief Financial Officer & Senior Vice President
Matthew Peterson Chief Information Officer & Senior Vice President
Glen W. de Vos Chief Technology Officer & Senior Vice President
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