Yandex and Hyundai Mobis Join Forces on Autonomous Cars
March 19 2019 - 5:00AM
Yandex (NASDAQ:YNDX), a technology company that builds intelligent
products and services powered by machine learning, and Hyundai
Mobis, one of the world’s largest manufacturers of automotive
components, have signed a memorandum of understanding (MOU).
The companies plan to jointly develop control systems for Level 4
and Level 5 autonomous vehicles, combining Yandex’s established
self-driving technologies with Hyundai Mobis’ extensive experience
in the automotive industry. The agreement also provides that
the companies may expand into other areas of cooperation such as
developing joint products that integrate Yandex technologies
including speech, navigation, and mapping among others.
The first stage of this collaboration between Yandex and Hyundai
Mobis is set to focus on developing a driverless prototype vehicle
based on standard Hyundai or Kia production model cars. In
the future, the companies plan to build a new autonomous driving
control system as an out-of-the-box solution intended for car
manufacturers, car sharing services and taxi fleets.
"Our self-driving technologies are unique and have already
proven their scalability. Yandex's self-driving cars have been
successfully driving on the streets of Moscow, Tel Aviv and Las
Vegas, which means that the fleet can be expanded to drive
anywhere. It took us just two years to go from the first basic
tests to a full-fledged public robotaxi service. Now, thanks to our
agreement with Hyundai Mobis, we will be able to move even faster,"
says Arkady Volozh, CEO of Yandex.
Yandex first began testing self-driving prototypes in the Spring
of 2017, by mid-2018 Yandex launched Europe’s first fully
autonomous taxi service. The robotaxi service operates in Russia’s
tech hubs of Innopolis and Skolkovo throughout winter weather
conditions with just a safety engineer in the passenger seat.
Yandex has also expanded its self-driving internationally, with
testing in Israel and demonstrations at CES 2019 in Las Vegas,
Nevada.
Hyundai Mobis is one of the ten largest automotive component
manufacturers in the world. The company focuses on new technologies
and is developing its own driverless vehicle, M. BILLY. Hyundai
Mobis is an affiliate of the Hyundai Motor Group, one of the
world’s top five car manufacturers and the maker of Hyundai, Kia,
and Genesis cars.
FORWARD-LOOKING STATEMENTSThis press release contains
forward-looking statements that involve risks and uncertainties.
These include statements regarding future collaboration with
Hyundai Mobis. Actual results may differ materially from the
results predicted or implied by such statements, and our reported
results should not be considered as an indication of future
performance. The potential risks and uncertainties that could cause
actual results to differ from the results predicted or implied by
such statements include, among others, the risk of failure of our
collaboration or potential products; macroeconomic and geopolitical
developments affecting the Russian economy; competitive pressures,
changes in user preferences, changes in the political, legal and/or
regulatory environment, technological developments, as well as
those risks and uncertainties included under the captions "Risk
Factors" and "Operating and Financial Review and Prospects" in our
Annual Report on Form 20-F for the year ended December 31, 2017,
which is on file with the U.S. Securities and Exchange Commission
(SEC) and is available on our investor relations website at
http://ir.yandex.com/sec.cfm and on the SEC website at www.sec.gov.
All information in this release is as of March 19, 2019, and Yandex
undertakes no duty to update this information unless required by
law.
Contacts:
Media Relations Ilya Grabovskiy Phone: +7 495 739-70-00
E-mail: pr@yandex-team.ru
Investor Relations Katya Zhukova Phone: +7 495 974-35-38
E-mail: askIR@yandex-team.ru
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