Seoul/New Delhi, December 16: Hyundai AutoEver, the information technology affiliate of Hyundai Motor Group, said on Monday it has established a joint venture in Indonesia to develop navigation maps for the Southeast Asian country and many others in the region. The new firm, named Terra Link Technologies, has been jointly established with India's MapmyIndia, according to the South Korean company.

The joint venture will focus on developing high-quality automotive navigation maps for Indonesia, Thailand, Vietnam, the Philippines, Malaysia and Singapore, reports Yonhap news agency. Hyundai AutoEver said Southeast Asia is experiencing rapid economic growth accompanied by a sharp rise in vehicle demand, which is driving increased demand for in-vehicle navigation systems. Sam Altman-Run OpenAI Hits Back at Elon Musk, Shares Timeline of Events and Says Musk Wanted an OpenAI For-Profit.

The company highlighted that road environments in Southeast Asia vary significantly by country, with differences in driving directions and road markings. "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," Seo Dong-kwon, head of the navigation business division at Hyundai AutoEver, said.

MapmyIndia is India’s leading deep-tech digital map data, geospatial software and location-based IoT products, platforms, solutions and APIs company, offering proprietary digital maps as a service, software as a service and platform as a service. Last month, MapMyIndia announced that its CEO and whole-time director, Rohan Verma, will step down to launch his own consumer business. Reliance Industries Limited Appoints Ira Bindra As Group President – People and Talent.

“To fulfil his long cherished desire to build a consumer business Rohan Verma, CEO and Executive Director of Mapmyindia proposed to the board to fund a new venture outside the company,” Rakesh Verma, Co-founder and CMD, MapmyIndia, had said in a statement. MapmyIndia reported a 13.82 per cent year-on-year jump in revenue from operations to Rs 103.67 crore in Q2 FY25. However, the company also registered an 8.2 per cent drop in consolidated net profit to ₹30.33 crore in Q2 FY25, compared to Rs. 33.04 crore in Q2 FY24.

(The above story first appeared on LatestLY on Dec 16, 2024 10:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).