Toyota’s former CEO and present chairman, Akio Toyoda, is heading to South Korea subsequent month for a strategic assembly with Hyundai. With a non-public assembly scheduled between firm chairpersons, is a brand new Toyota and Hyundai EV collaboration coming?
On his first journey to Seoul in over a decade, Toyoda is scheduled to satisfy with Hyundai Motor chairman Chung Euisun.
The journey comes as “Chairman Chung expressed his need to satisfy with Chairman Toyoda earlier this 12 months,” a diplomatic mentioned. After accepting the invitation, Toyoda will fly into Seoul on October 24 for a three-day journey.
Through the go to, Chung and Toyoda are scheduled for a non-public assembly to debate how the 2 main automakers, who’ve fiercely rivaled one another up to now, can deal with new competitors.
Final 12 months, Toyota was the world’s largest automaker by way of quantity, whereas Hyundai Motor, together with Kia and Genesis, ranked third.
In response to sources, Hyundai and Toyota will discover collaborating on rising tech, equivalent to EV improvement, hybrid automobiles, and hydrogen-powered automobiles. Different initiatives may embody autonomous automobiles and eVTOLs.
Toyota and Hyundai to debate EV, hybrid partnership
Toyota desires to study from Hyundai’s profitable transition to electrical automobiles. The sources mentioned that Hyundai will study extra about Toyota’s main hybrid tech by the partnership.
One other space of focus will likely be hydrogen automobiles and the supporting infrastructure. Hyundai is investing closely in hydrogen and gas cell tech, with about $8.3 billion in funding put aside by the top of the last decade.
However, Toyota strengthened its alliance with BMW earlier this month. The businesses goal to create a “hydrogen society” by collectively growing gas cell techniques and enhancing the infrastructure.
Toyota and Hyundai are additionally investing closely in EV and battery tech to maintain up with low-cost competitors from China.
Simply this week, Toyota acquired the inexperienced gentle from Japan’s Ministry of Commerce and Business (METI) to develop and construct superior EV batteries, together with all-solid-state tech. The certification comes as Japan goals to safe a home provide, with China and South Korea controlling the market.
Electrek’s Take
After partnering with GM on Thursday to collectively develop new EV and powertrain tech, Hyundai may bolster R&D with one other potential collaboration with Toyota.
Like a number of legacy automakers, Hyundai introduced plans to ramp up hybrid manufacturing within the brief time period. With Toyota main the hybrid motion, a collaboration is sensible.
Toyota, a laggard within the EV transition, may study a factor or two from Hyundai, which is seen as having one of the vital profitable transitions up to now.
Hyundai goals to double its hybrid lineup with 14 fashions overlaying all segments. By 2028, the corporate desires to promote 1.33 million hybrids, a 40% bounce from final 12 months.
Regardless of ramping up hybrids, Hyundai nonetheless believes electrical automobiles are the longer term. The corporate goals to promote two million EVs by 2030, or over a 3rd (36%) of whole gross sales.
The Korean automaker will unveil its first three-row electrical SUV, the IONIQ 9, later this 12 months. Earlier this month, Hyundai additionally revealed the up to date 2025 IONIQ 5 with extra vary, options, and magnificence. It will likely be the primary mannequin constructed at its huge new Metaplant America, which is ready to open its doorways subsequent month in Georgia.
Supply: TheKoreanCarBlog, KEDGlobal
