Hyundai signs development deal with another electric vehicle startup

Korean automaker Hyundai Motor Co broadened its future transportation portfolio with an agreement to jointly develop electric vehicles with California startup Canoo, the companies said on Tuesday.

It was the second such deal announced in recent weeks by Hyundai and sister company Kia Motors Corp, which in mid-January said they would invest $110 million in UK startup Arrival and jointly develop electric commercial vehicles.

In Seoul, a Hyundai spokesperson said the automaker’s partnership with two-year-old Canoo would focus on smaller electric passenger vehicles about the size of its Accent compact.