- The partnership will focus on smaller electric passenger vehicles
- Hyundai has been investing heavily in future transportation ventures recently
According to a report by Reuters, Hyundai Motor has entered into an agreement with California startup Canoo to jointly develop electric vehicles. Recently, Hyundai and Kia Motors said that they will invest $110 million in UK startup Arrival to develop EVs.
The report added that a Hyundai spokesperson said that the partnership will focus on smaller electric passenger vehicles about the size of Accent compact. As per the report, Canoo has developed a “skateboard” – a low-rise platform that bundles batteries and electric motors with components like steering, brakes, wheels, and tires. Canoo had revealed its own “post-SUV” model based on electric-vehicle skateboard in the recent past. It said that it will market to individuals and fleets by subscription.
$4 billion joint venture with Aptiv
Hyundai has been investing heavily in future transportation ventures recently. It entered into a $4 billion joint venture with auto supplier Aptiv in September last year to develop self-driving vehicles and systems.