Korean Hyundai Motor Group’s information technology (IT) affiliate, Hyundai AutoEver Corporation, announced it has agreed to establish a new joint venture in Indonesia with India’s MapmyIndia to develop automotive navigation maps for countries across Southeast Asia.
The new company, called PT Terra Link Technologies, will be capitalized at US$10m with MapmyIndia investing in a 40% stake while Hyundai AutoEver will own 60% of the shares. The company will focus on developing high-quality automotive navigation maps for countries including Indonesia, Thailand, Malaysia, Vietnam, the Philippines and Singapore for automakers and other businesses in the region.
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Seo Dong-kwon, the head of Hyundai AutoEver’s navigation business unit, confirmed in a statement: “We aim to build high-quality automotive maps to deliver a differentiated experience to consumers and support global automakers in enhancing their competitiveness in the field of navigation.”
MapmyIndia’s chairman, Rakesh Verma, said that after many years of focusing on developing mapping solutions for India “we finally have the opportunity to expand into international markets through the PT Terra Link Technologies joint venture.”
Sapna Ahuja, COO of MapmyIndia, added: “Our diverse range of solutions saw increased adoption, such as our ADAS and EV Mobility stack, video telematics for fleets, APIs and SDKs for app developers and enterprises, and geospatial solutions like 3D digital twin mapping”.
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