Toyota’s former CEO and current chairman, Akio Toyoda, is heading to South Korea next month for a strategic meeting with Hyundai. Could an upcoming private meeting between the chairpersons signal a new EV collaboration between Toyota and Hyundai?
On his first trip to Seoul in over a decade, Toyoda is scheduled to meet with Hyundai Motor chairman Chung Euisun. Toyoda will fly to Seoul on October 24 for a three-day trip. During the visit, Chung and Toyoda are scheduled for a private meeting to discuss how the two leading automakers, who have fiercely rivaled each other thus far, can tackle new competition.
Last year, Toyota was the world’s largest automaker in terms of volume, while Hyundai Group ranked third. As per sources, Hyundai and Toyota will explore collaborating on emerging tech, such as EV development, hybrid vehicles as well as autonomous vehicles and eVTOLs. Sources say Toyota wants to learn from Hyundai’s successful transition to electric vehicles while Hyundai will learn more about Toyota’s leading hybrid tech through the partnership.
Another area of focus will be hydrogen vehicles and the supporting infrastructure. Hyundai, the only other automaker besides Toyota to take hydrogen seriously, is making significant investments in hydrogen and fuel cell technology, allocating around $8.3 billion in funding through the end of the decade. Toyota and Hyundai are also investing heavily in EV and battery tech to keep up with low-cost competition from China.
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