Motional has made progress on its push to launch a commercial robotaxi. However, it has also faced a challenging funding environment that delayed its plans. Earlier this year, automotive supplier Aptiv — the other half of the joint venture — said it would no longer allocate capital toward the endeavor.
Hyundai ultimately stepped forward and in May agreed to invest another $1 billion into Motional. Hyundai made a $475 million direct investment in Motional and spent another $448 million to buy 11% of Aptiv’s common equity interest. The deal gave Hyundai a majority stake, while providing the self-driving startup with the necessary capital to keep operating.