The Hyundai Motor Group’s deal with biotechnology company Biosciences was announced Tuesday.
The deal, worth $10.6 billion, will allow Hyundai to build the first self-driving car in the U.S. on the same platform it builds in Korea.
Hyundai’s first car, the Xian, will be a concept that won’t be ready for testing until 2020.
The announcement was made at the Hyundai Advanced Manufacturing Technology Conference in Austin, Texas, which is being held this week.
The event will include more than 30 companies from all sectors of the automotive industry, including auto parts, vehicle systems, components and technology.
Hyundai will take the lead on the project and will have the rights to sell vehicles built by Bioscience and the remaining 10 vehicles it builds under a separate contract.
The first of those vehicles, the Jetta XS, will begin production next year.
Hyde will pay $4.5 billion to acquire Bioscientists for a price of $2.1 billion, which will make it the largest investor in Biosiences.
The agreement also will give Hyundai an additional $1 billion in cash.
The deal also includes a $300 million contribution from Hyundai, $150 million in Hyundai-branded vehicles and $10 million from Biosiologicals.