Palantir Technologies’s (PLTR) deal with Korean company HD Hyundai is believed to be worth “hundreds of millions” of dollars, Reuters reported.
HD Hyundai, which operates in heavy industries such as shipbuilding, heavy equipment, machinery, and more, will use Palantir’s software over numerous years, the news outlet added, citing sources familiar with the matter. Palantir began working with HD Hyundai in 2021. Since then, the South Korean company said it is able to manufacture ships at a 30% faster rate using Palantir’s software.
In an interview with Reuters at the World Economic Forum in Davos, Palantir CEO Alex Karp said he was “very bullish” on Korea. He also added the country is “one of the more innovative, interesting, artistic places in the world.”
The companies announced the deal earlier on Tuesday, with Karp adding the company was “committed to advancing our strategic collaboration and driving the group’s competitiveness, and we look forward to continue building together.”
Palantir shares fell 1% in late afternoon trading on Tuesday.
