Hyundai Motor supports CODE42

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Hyundai Motor supports CODE42

테스트 CEO Song Chang-hyeon, left, and Hyundai Motor CEO Euisun Chung. [HYUNDAI MOTOR]

In a bid to enter the smart mobility services market, Hyundai Motor said Monday that it will support and cooperate with, a new mobility start-up.

The automaker said in a statement that it made an investment into the new enterprise without disclosing the amount. The two companies will cooperate in the development of future mobility services, according to a Hyundai Motor spokesperson., established in March, is currently developing the Urban Mobility Operating System (UMOS), a systems integration platform for urban areas that will be used in the operation of next-generation vehicles, such as drones and delivery robots.

The start-up’s CEO is Song Chang-hyeon, who previously served as the chief technology officer at Naver and CEO at the Naver Labs research arm. Song led a number of development projects involving voice recognition, smart assistance and self-driving technology.

Hyundai Motor said that the two companies will also work to develop self-driving and connected vehicles.

“Although I solved problems online until recently at Naver, now I aim to lead innovation in the real world through CODE42,” said Song.

“With this strategic investment, CODE42 will become a core partner for Hyundai Motor Group’s mobility business and pursue projects together,” added Hyundai Motor CEO Euisun Chung.

Last year, Chung outlined plans to transition the manufacturing-focused company into a mobility service developer to respond to the changing landscape in the automotive industry with the introduction of the mobility-as-a-service (MaaS) market and smart vehicles that incorporate next-generation technology.

MaaS refers to new mobility services instead of traditional personally-owned vehicles. Hyundai Motor said that the MaaS market is expected to grow to be worth $358.4 billion by 2025 from $38.8 billion in 2017.

According to KB Financial Group, the annual global smart car production will be 95 million units in 2035, accounting for 75 percent of all passenger vehicle revenue.

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