Hyundai considers expansion with another electric auto startup
Korean automaker Hyundai Motor Co expanded its future automobile profile by collaborating with California-based startup Canoo in producing electric vehicles, the company disclosed on Tuesday.
The said pact with Canoo was the second agreement that Hyundai and sister company Kia Motors Corp sealed for electric vehicle production. Such followed after the company disclosed its plan of investing $110 million in United Kingdom startup Arrival for electric automobile development.
Hyundai spokesperson said that the agreement with Canoo would center on producing smaller electrical transport mobile the size of Accent compact. The two-year-old startup previously designed a low-rise platform that compacts batteries and electrical engine, similar to Arrival’s prototype.
Hyundai has been expanding its portfolio in recent months through future transport investment. The company’s largest allocation was September’s $4 billion investment with automobile supplier Aptiv aimed at producing driver-independent autos and systems.
Hyundai’s series of investment with multiple startups is part of the five-year plan to alleviate the company’s mastery and expertise in electrification, automation, and other related solutions.