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Autonomous vehicle company Motional is about to lose a key backer
Motional, the autonomous vehicle company created in a joint venture, is losing financial support from Aptiv.
Aptiv CFO Joe Massaro later added that the company is “exploring steps to reduce a significant portion of our common equity while working within the construct of the joint venture agreement.” The exact timing of the reduction is not yet known, he said. Two years later as the hype and promise around autonomous vehicles peaked, Hyundai and Aptiv formed a joint venture — later branded Motional — to commercialize self-driving cars. Aptiv agreed to bring its autonomous driving technology and about 700 employees, while Hyundai Motor Group said it would provide a combined $1.6 billion in cash from across its sub-brands, vehicle engineering, R&D and access to its IP.
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