(Bloomberg) -- Hyundai Motor Group said it will set up a $4 billion joint venture with Aptiv Plc to develop autonomous vehicles.

Aptiv will take a 50% stake in the venture, while Hyundai Motor Co., Hyundai Mobis Co. and Kia Motors Corp. will contribute a combined $2 billion for the other 50%, the companies said in statements on Monday.

To contact the reporter on this story: Kyunghee Park in Singapore at kpark3@bloomberg.net

To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Will Davies

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