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.
In the course of 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 sort out 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 line with sources, Hyundai and Toyota will discover collaborating on rising tech, similar to EV improvement, hybrid automobiles, and hydrogen-powered vehicles. Different tasks might embody autonomous automobiles and eVTOLs.
Toyota and Hyundai to debate EV, hybrid partnership
Toyota needs to study from Hyundai’s profitable transition to electrical automobiles. The sources mentioned that Hyundai will study extra about Toyota’s main hybrid tech via the partnership.
One other space of focus can 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 via the top of the last decade.
Alternatively, Toyota strengthened its alliance with BMW earlier this month. The businesses purpose to create a “hydrogen society” by collectively creating gas cell programs and bettering 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 obtained the inexperienced mild from Japan’s Ministry of Commerce and Trade (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 might bolster R&D with one other doable 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 smart.
Toyota, a laggard within the EV transition, might study a factor or two from Hyundai, which is seen as having one of the vital profitable transitions thus far.
Hyundai goals to double its hybrid lineup with 14 fashions overlaying all segments. By 2028, the corporate needs to promote 1.33 million hybrids, a 40% soar 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 elegance. Will probably be the primary mannequin constructed at its large new Metaplant America, which is about to open its doorways subsequent month in Georgia.
Supply: TheKoreanCarBlog, KEDGlobal
FTC: We use earnings incomes auto affiliate hyperlinks. Extra.
