SEOUL, May 16 (Korea Bizwire) — Hyundai Motor Co. said Wednesday it will expand its investment in U.S. wireless technology company Metawave for an improved partnership on autonomous vehicles.
Hyundai Motor made an initial investment in Metawave last year in a bid to jointly develop cutting-edge radar technology for autonomous vehicles. This year, it will increase its stake in the U.S. startup, the company said in a statement.
The move is line with the carmaker’s broad plan to seek cooperation from technologically advanced global companies in the automotive sector, it said.
Hyundai Motor didn’t say how much it will invest in Metawave or the size of the stake it currently holds in the U.S. firm.
As carmakers are expected to compete with each other in driverless and all-electric cars, the Korean carmaker badly needs to cooperate with technologically advanced companies on vehicle innovation.
The autonomous car sensor market is expected to grow to US$23 billion in 2022 from $11 billion in 2016, the statement said.