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Hyundai Motor supports CODE42

Apr 16,2019
CODE42.ai 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 CODE42.ai, 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.

CODE42.ai, 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.

BY CHAE YUN-HWAN [chae.yunhwan@joongang.co.kr]