Yandex teams up with Hyundai on self-driving vehicles

Yandex (YNDX) is among those technology giants that are putting their resources into developing vehicles capable of driving themselves—also known as autonomous vehicles or self-driving vehicles. The company has developed a self-driving vehicle that it’s already using to provide taxi services in parts of Russia.

Yandex is also undergoing self-driving tests in the United States and Israel. Last month, Yandex announced that it was teaming up with Hyundai Mobis on a self-driving program that would see the companies jointly develop control systems for autonomous vehicles. Hyundai Mobis is an auto parts affiliate of South Korean car manufacturer Hyundai Motor Company (HYMTF).

What’s in the Autonomous Vehicle Market for Yandex?

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Over $556 billion is up for grabs in the self-driving market

Autonomous vehicles promise to make roads safer and ease traffic congestion in major cities. Because of these benefits and more, the world is showing a strong appetite for self-driving. Allied Market Research predicts that the global autonomous vehicle market will be worth $54.2 billion this year, and it’s expected to grow to $556.7 billion by 2026.

The other technology companies pursuing the revenue opportunity in the autonomous driving market include Alphabet’s (GOOGL) Waymo, Baidu (BIDU), Tencent (TCEHY), and Alibaba (BABA). In December, Waymo began providing taxi services in self-driving vehicles in parts of the United States. Baidu, China’s top Internet search engine company, has teamed up with Volvo and Ford Motor Company (F) on self-driving programs and is gearing up to join Yandex and Waymo in the self-driving taxi market. On their part, Tencent and Alibaba have secured Chinese regulators’ approvals to test self-driving vehicles in the country. China has one of the worst traffic congestion problems in the world.

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