In mobility, there are two verticals today. Some companies are focused on acing the electric vehicles market, while a few are working on autonomous driving technology. Only a few are working on both simultaneously.
Asian car companies have had a strong focus on EV and fuel cell technology but they have no been known to lead in self driving technology. In fact, they’ve been quite absent from the discussion until quite recently. Building fundamental self driving technology from scratch is an expensive endavour which is why we’re seeing rivals like Daimler and BMW partner to save on R&D costs.
Hyundai does not intend to be left behind in the high-stakes race to build mass-market electric and self-driving cars. South Korea’s largest car company said Tuesday that it plans to invest 41 trillion won ($35 billion) into “future mobility technology” by 2025.
The plan, which Hyundai said encompassed autonomous, connected and electric vehicles, comes after the company and two of its affiliates announced an investment of $1.6 billion in a joint venture with US self-driving tech firm Aptiv.
The government expects Hyundai to launch a nationwide service of fully autonomous cars to fleet customers in 2024 and the general public by 2027. “Our goal is to become the number one country for future car competitiveness by 2030,” President Moon Jae-in said Tuesday, speaking at a Hyundai research center.
South Korea will “be the first in the world to commercialize autonomous driving,” and a third of the cars on the country’s roads in the next decade should be electric or hydrogen-powered, he added.
For developed Asian countries like South Korea, Singapore, and Japan, shifting to electric vehicles will be a lot easier because of readily available infrastructure and purchasing power. Being smaller in size, it’s also easier as well as faster to create a connected charging grid across the country.
From a sovereign point of view, shifting to an electric medium will be beneficial for the country because oil imports can be reduced. Further helping put a cap on draining wealth. South Korea is also one of the countries globally that has invested heavily in fuel cell a technology which produces water as waste. This technology is easier to impliment than electric cars because the infrastructure is similar to the gas fueling stations we have today. Investing into self drivig solutions and cleaner source of energy, this will also help them reduce their carbon footprint.