June 13, 2019 / 12:08 AM / 5 days ago

Hyundai and Kia to invest in self-driving startup Aurora

FILE PHOTO: The logo of Hyundai Motors is pictured at the second media day for the Shanghai auto show in Shanghai, China, April 17, 2019. REUTERS/Aly Song

(Reuters) - Hyundai Motor Co said on Thursday it would invest in self-driving car software startup Aurora along with Kia Motors Corp to speed up development of autonomous vehicle technologies.

“With the new investment, the companies have agreed to expand research to a wide range of models and to build an optimal platform for Hyundai and Kia’s autonomous vehicles,” Hyundai said.

Aurora said in a blog post that Hyundai and Kia’s investment is part of a series B financing round, which has now raised more than $600 million.

Aurora, which just announced a partnership with Fiat Chrysler Automobiles, competes with Alphabet’s Waymo and General Motors’ majority-owned Cruise, among others.

Reporting by Rama Venkat in Bengaluru; Editing by Leslie Adler

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