[THE INVESTOR] Hyundai Motor on May 26 held its fourth biennial competition for autonomous cars at a local speed circuit.

In the past two decades, the carmaker provided advice and information on self-driving cars to university students so they can apply this know-how and come up with their own autonomous vehicles.

It is part of Hyundai’s broad effort to become a leading player in the cutting-edge vehicle sector going forward. The carmaker has held the driverless car race since 2010.

“Hyundai aims to produce low-priced autonomous vehicles based on a standardized platform,” Lee Jin-woo, head of Hyundai Motor’s Intelligent Safety Technology Center, told reporters. Lee previously led autonomous driving technology development at General Motors.

Hyundai is offering rewards for the contestants, including 50 million won (US$45,000) in prize money and an opportunity to visit the US, for the participating teams.

By Alex Lee and newswires (alexlee@heraldcorp.com)