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LG Innotek, Kakao Mobility Sign Deal for Autonomous Driving Solutions

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LG Innotek (KRX:011070) signed a memorandum of understanding with internet company Kakao (KRX:035720) subsidiary Kakao Mobility to develop autonomous driving solutions, according to a Wednesday release.

Under the agreement, the planned autonomous driving solution will combine LG Innotek's high-performance sensing modules, including cameras, radar, and light detection and ranging (LiDAR), with Kakao Mobility's platform services and software, the release said.

Shares of the South Korean materials and components manufacturer fell over 4% at market close, while those of Kakao declined more than 3%.

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