- Automobile giant has announced partnership with US based electric vehicle startup Canoo to develop an EV platform for its upcoming car models.
- This partnership is expected to increase auto giant's investment in next gen vehicle technologies.
- Hyundai to invest more than USD 87 billion for enhancing its presence in future mobility market.
Mergers, acquisitions, and collaborations across one of the biggest industries like automotive, is no more a big thing for the companies. However, partnership of Hyundai with US EV startup Canoo, is certainly a massive news which has kept the world looking for more.
The South Korean auto maker, Hyundai Motor Group, reportedly announced collaboration with Canoo in an effort to build an electric vehicle platform for its upcoming car models. Apparently, the auto giant is anticipating the new platform, a scalable skateboard architecture, to ease and simplify the development process, eventually lowering down the prices of vehicles produced by its two flagship units.
It has been claimed that Canoo's skateboard architecture houses batteries and electric drivetrain, which offers relatively more interior cabin space and cost effective EV offering.
As per reliable reports, this deal is estimated to be Hyundai's latest in a series of moves which is aimed to increase investment in the next generation automobile technologies via various partnerships with distinguished overseas startups.
Speaking on the collaboration, Research and Development head at Hyundai Motor Group, Albert Biermann, reportedly cited that the company is looking forward for developing a cost effective Hyundai platform concept which is autonomous and extremely suitable for mass adoption. He further added that the authorities are convinced with the speed and efficiency in which Canoo has been developing their innovative EV architecture, making them a perfect fit as a company partner for future automobile.
Meanwhile, Ulrich Kranz, head of Canoo quoted that the joint venture with a global leader, Hyundai is an honor for the company, and it looks forward to exploring EV architecture concept possibilities along with Hyundai for their upcoming models.
Moreover, Hyundai, in January this year enunciated its plan of investing approximately more than USD 87 billion in the next five years to augment its presence in future mobility markets.
Source credit: http://koreabizwire.com/hyundai-joins-hands-with-startup-canoo-on-electric-vehicles/153313?ckattempt=2