Summary:
Karl Iagnemma steps down as CEO of Motional, transitioning to a senior strategy advisor role.
Laura Major, the CTO, takes over as interim CEO while continuing her technical leadership.
Iagnemma co-founded Nutonomy, known for the first public self-driving car service in Singapore.
Motional received a $1 billion investment from Hyundai to sustain operations amid funding challenges.
The company laid off 550 employees and delayed its robotaxi launch until 2026.
Motional, the autonomous vehicle startup backed by Hyundai, is undergoing a significant leadership change. Karl Iagnemma, a pioneer in the industry and the founder of Nutonomy, is stepping down as president and CEO. He will transition to a role as senior strategy advisor, while CTO Laura Major steps in as interim CEO, retaining her technical leadership.
While no official reason was provided for this change, sources indicate the decision was amicable. Iagnemma expressed pride in the progress made towards developing safe autonomous vehicles.
Key Contributions of Karl Iagnemma
Iagnemma has been influential not only at Motional but across the autonomous vehicle landscape. He co-founded Nutonomy in 2013, which became notable for launching the first public trial of a self-driving car service in Singapore in 2016. Nutonomy was later acquired by Delphi (now known as Aptiv) for $450 million.
In 2019, Iagnemma was appointed CEO of Motional, a joint venture between Hyundai and Aptiv aimed at commercializing autonomous vehicles. The company has since made strides towards launching a commercial robotaxi service, though it has faced challenges, including a tough funding environment that has delayed plans.
Recent Developments
Earlier this year, Aptiv announced it would stop allocating capital to Motional, prompting Hyundai to step in with a $1 billion investment to keep the startup afloat. This investment included a $475 million direct investment and the purchase of 11% of Aptiv’s common equity, giving Hyundai a majority stake in Motional.
Despite this financial support, Motional had to make difficult decisions, laying off about 550 employees, pausing commercial operations, and delaying the launch of its robotaxi service until 2026. The restructuring aims to focus on core technology and business models while conserving capital. During its commercial operations, a human safety operator was always present in the vehicle.
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