South Korea’s Hyundai Motor Group plans to raise stake in startup, Korea Economic Daily reports

South Korea’s Hyundai Motor Group plans to ramp up its stake in a local startup specialised in autonomous driving technology and invest about 400 billion won ($308.19 million), a newspaper report said on Friday.

Hyundai Motor Group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), has been working on acquiring more stake in 42dot Inc, the Korea Economic Daily said, adding that the process is likely to be completed next month.

Kia and Hyundai Motor hold a combined 20.4% stake in the startup, as of 2021, according to 42dot Inc’s regulatory filing.

Hyundai Motor Group did not immediately respond to Reuters request for a comment.

The Seoul-based automaker plans to introduce more than 31 electric models through 2030 to secure a projected 12% of the global electric vehicle market.

In March, the company floated plans to invest about 95.5 trillion won through 2030, including autonomous driving technology and electric-vehicle (EV) businesses.

($1 = 1,297.9200 won)