All data are based on the daily closing price as of July 12, 2024

Hyundai Motor Group to Launch Software Research Center in Silicon Valley

South Korean Automaker Aims to Lead in Software-Defined Vehicles
South Korea
h 005380.KO Blue Chip 150 OM 60
Share this on

Hyundai Motor Group, the world’s third-largest car manufacturer, is setting up a new software research center in Silicon Valley. This strategic move underscores the increasing importance of software over hardware in maintaining long-term competitiveness in the automotive industry. The center aims to attract top engineering talent from leading U.S. tech companies, accelerating Hyundai’s development of software-defined vehicles (SDVs).

The initiative, led by Song Chang-hyeon, head of Hyundai’s software center and CEO of 42dot Inc., will focus on developing technologies expected to be utilized in the next five to ten years. The new research facility in Mountain View, California, reflects Hyundai’s commitment to innovation and its belief that software will be crucial in the future automotive market, transforming cars into “moving smartphones.”

The competition in the SDV sector is heating up, with global players like Tesla and Chinese companies BYD and Xiaomi setting high standards in infotainment systems and autonomous driving algorithms. Hyundai’s move aims to close the gap and enhance its position in this rapidly evolving market. The company plans to integrate technologies developed in Silicon Valley into its global R&D operations, particularly at its Namyang center in South Korea.

The global market for SDVs is projected to grow significantly, reaching $419.7 billion by 2028, driven by the surge in electric vehicles and advancements in automotive software. Hyundai’s focus on building robust software capabilities positions it to capitalize on this growth, ensuring its place at the forefront of the automotive industry’s future.

 

 

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top