Economy

Hyundai & Canoo to Co-Develop Electric Platform for Future EVs

Hyundai & Canoo to Co-Develop Electric Platform for Future EVs”

Automobile giant has announced partnership with U.S. based electric vehicle startup Canoo to develop an EV platform for its upcoming auto models.

Canoo is a platform, which provides engineering services to advance the electric vehicle platform.

Hyundai Mobis also joined Hyundai Motor and Kia Motors in September to invest a combined $2 billion in a 50:50 joint venture with Ireland-based autonomous vehicle startup Aptiv to develop a self-driving platform with Level 4 to 5 autonomous technology by 2022 and supply it to global carmakers. The new technical base will include all the components necessary for zero-emission powertrains and can be offered with one or two electric motors, thus differentiating the offer for the various models of the Hyundai and Kia brands. Recently, Hyundai is planning to invest $110 million in United Kingdom startup Arrival to make more electric commercial vehicles.

Hyundai Motor Group is counting on this underlying architecture to help the company reduce the cost and complexity of production and allow for it to respond quickly to changing market demands and customer preferences.

He further added that the authorities are convinced with the speed and efficiency in which Canoo has been developing their innovative EV architecture, making them a ideal fit as a company partner for future automobile. "We will collaborate with Canoo engineers to develop a cost-effective Hyundai platform concept that is autonomous ready and suitable for mass adoption". Canoo recently opened the waiting list for its first vehicle.

The Korean giant has backed the Los Angeles start-up as it looks to the future of electric vehicles. However, the first vehicle will hit the roads in 2021, with an option of pre-booking. The company is now testing its electric vehicle. A subscription model that puts an end to ownership, providing a hassle- and commitment free vehicle experience in modern cities. Today, Canoo has grown to around 300+ employees - covering the entire value chain, bringing together a unique EV with a unique business model for a unique user experience.

The deal is the latest in a series of moves by Hyundai Motor Group to increase investment in next-generation vehicle technologies through partnerships with overseas startups. It is this Canoo architecture that interests Hyundai Motor Group. Armed with creative thinking, cooperative communication and the will to take on all challenges, we are working to create a better future for all.



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