Hyundai signs development deal with another electric vehicle startup
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Korean automaker Hyundai Motor Co broadened its future transportation portfolio with an agreement to jointly develop electric vehicles with California startup Canoo, the companies said on Tuesday.
It was the second such deal announced in recent weeks by Hyundai and sister company Kia Motors Corp, which in mid-January said they would invest $110 million in UK startup Arrival and jointly develop electric commercial vehicles.
In Seoul, a Hyundai spokesperson said the automaker’s partnership with two-year-old Canoo would focus on smaller electric passenger vehicles about the size of its Accent compact.
Like Arrival, Canoo has developed a “skateboard” – a low-rise platform that bundles batteries and electric motors with such chassis components as steering, brakes, wheels and tires – on which a variety of body types can be built.
Canoo last fall revealed its own “post-SUV” model, based on its electric-vehicle skateboard and intended to be marketed to individuals and fleets by subscription.
Hyundai has been investing heavily in recent months in a variety of future transportation ventures, notably a $4 billion joint venture with auto supplier Aptiv, announced in September, to develop self-driving vehicles and systems.
