LAS VEGAS -- Waiting in line for a vacant parking space in shopping malls and offices may no longer be necessary starting later this year.

In an announcement made at the Consumer Electronics Show in Las Vegas on Wednesday, Hyundai Mobis, a car parts maker under South Korean auto giant Hyundai Motor, said it will unveil an automatic valet parking system by the end of this year.

The system would enable a vehicle to park itself in a remote space after a driver gets off at his or her destination. The fully automated process relies on advanced autonomous sensor technology such as ultrasound, cameras and LiDAR, as well as high-precision maps and localized communication with parking infrastructure, the company said. 

The auto parts maker also plans to complete the development of an electric corner module for electric self-driving cars by 2021.

The e-Corner Module is an integrated module that incorporates a motor, electric damper, brake by wire, and steer by wire technologies in a compact package that can be installed in each wheel, the company said. It satisfies the need for a traditional chassis and central engine, but is designed to give electric or fuel cell vehicles four-wheel drive capabilities, it added.

“The technologies featured at CES 2018 are the result of years of research and development in the areas of autonomous driving, eco-friendliness, infotainment and human-machine interfacing,” said Ko Young-suk, vice president of R&D strategy and planning at Hyundai Mobis.

“We realize that the definition of mobility is rapidly changing. Hyundai Mobis puts user experience at the center of our definition of new mobility. Our aspiration is to support and enable an excellent experience by providing a people-centered, environmentally friendly platform for the era of autonomous driving.”

To secure a leading position in future mobility technology, the tier-one supplier plans to invest 10 percent of its revenue in research and development by 2021, from the current 7 percent.

Half of the R&D investment will be spent on developing autonomous sensors as well as voice-recognition and biometric sensors, it added.

By Cho Chung-un, Korea Herald correspondent (christory@heraldcorp.com)