Aptiv Plc (APTV)

Aptiv PLC (APTV) stock fell down by 6.22% due to its announcement of plans to reduce its involvement in the self-driving technology venture, Motional. The auto parts supplier cited significant losses related to the investment as the reason behind this move. Motional, a joint venture with Hyundai Motor Co., utilizes Hyundai's IONIQ5 electric car for its robotaxi service in Las Vegas through platforms like Uber and Lyft.

Aptiv's CEO, Kevin Clark, stated that they will cease further funding for Motional despite the venture's progress on its technology roadmap. The company's 2024 profit forecast includes a non-cash equity loss of approximately $340 million, attributed to Motional's losses.

Aptiv's decision aligns with a trend in the industry, with companies like Ford, Volkswagen, and General Motors scaling back or withdrawing from autonomous driving projects due to their complexity and cost. Although Aptiv surpassed Wall Street expectations for Q4 profit, APTV shares declined about 4% amid broader market weakness.