Hyundai Motor will invest in a US drone maker to conduct a joint study on future mobility in the use of high-functioning drones, the company said, without disclosing the size of the investment.
The South Korean giant has agreed to partner with Top Flight Technologies, a startup that specializes in developing unmanned aerial vehicles. The US company established in 2014 is a leading manufacturer of hybrid propulsion engines that secure long flight time and a leader in autonomous flying technology.
With Hyundai’s investment, Top Flight will jointly look for new business opportunities by applying drones to various industries, and also seek ways of creating new mobility services.
The market for unmanned aerial vehicles is expected to grow from $5.6 billion to $22.1 billion in 2026, Hyundai said in a statement.
Global e-commerce giants and food delivery services have run pilot tests of transporting products with drones. Automakers have also featured drones as part of future mobility concepts, the company said.
Efficiency in the carmaker’s operations could increase if drone technologies are used for delivering auto parts to villages in mountainous areas or within manufacturing sites, it added.
By Cho Chung-un (firstname.lastname@example.org)