Mubasher: South Korean automaker Hyundai and Dublin-based auto tech firm Aptiv on Monday unveiled a 50:50 self-driving joint venture (JV) valued at $4 billion, according to Reuters.

Hyundai Motors companies, Kia and Hyundai Mobis, will collectively contribute $1.6 billion in cash and $400 million in vehicle engineering, research and development (R&D) resources and access to intellectual property, according to a joint statement.

Aptiv will contribute its self-driving technology, intellectual property and roughly 700 employees, with the aim of developing advanced driverless solutions.

Testing fully autonomous systems will start next year, while the venture will launch a production-ready self-driving platform for robotaxi providers and car manufacturer by 2022.

The JV deal is pending regulatory approval and is set to be concluded earlier in the second quarter of next year.