Hyundai AutoEver and MapmyIndia Forge Navigation Mapping Partnership
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Seoul/New Delhi, Dec 16 (NationPress) Hyundai AutoEver, the information technology subsidiary of Hyundai Motor Group, revealed on Monday that it has created a joint venture in Indonesia to design navigation maps for the Southeast Asian nation and several others in the region.
The newly formed entity, known as Terra Link Technologies, has been established in partnership with MapmyIndia, an Indian company, as stated by the South Korean firm.
This joint venture will concentrate on producing top-notch automotive navigation maps for Indonesia, Thailand, Vietnam, the Philippines, Malaysia, and Singapore.
Hyundai AutoEver emphasized that Southeast Asia is undergoing rapid economic expansion, leading to a significant increase in vehicle demand, which in turn is boosting the need for in-car navigation systems.
The company pointed out that road conditions in Southeast Asia differ greatly from one country to another, with variations in driving directions and road signage.
"Our goal is to develop high-quality automotive maps that provide a unique experience for consumers and assist global automakers in improving their competitiveness within the navigation sector," stated Seo Dong-kwon, head of the navigation business division at Hyundai AutoEver.
MapmyIndia is a leading provider in India of advanced digital map data, geospatial software, and location-based IoT products, platforms, solutions, and APIs, delivering 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 be stepping down to pursue his own consumer business venture.
“To realize his long-standing aspiration to establish a consumer business, Rohan Verma, CEO and Executive Director of MapmyIndia, proposed to the board the idea of funding a new initiative outside the company,” stated Rakesh Verma, Co-founder and CMD of MapmyIndia.
MapmyIndia reported a 13.82 percent year-on-year increase in operational revenue, reaching ₹103.67 crore in Q2 FY25. However, the company also experienced an 8.2 percent decline in consolidated net profit, totaling ₹30.33 crore in Q2 FY25, compared to ₹33.04 crore in Q2 FY24.
