Hyundai Motor Company signed a Memorandum of Understanding (MoU) with the local government of Guangzhou city in China and Ulsan city in South Korea to enhance cooperation in the hydrogen industry. The partnership aims to leverage the leading roles of Guangzhou and Ulsan in hydrogen development, along with Hyundai Motor's expertise in advancing the global transition to a hydrogen-based society. The collaboration will involve promoting diverse hydrogen industry initiatives, including organizing exchanges and seminars, sharing best practices, and exploring collaboration models. The parties will work on identifying pilot projects covering the full hydrogen lifecycle and conducting joint R&D initiatives to enhance hydrogen technology competitiveness. Hyundai Motor plans to support hydrogen projects in Guangzhou and Ulsan actively, aiming to strengthen the cities' positions as leaders in the hydrogen energy sector. The agreement includes the launch of Hyundai's first overseas hydrogen fuel cell system production base, HTWO Guangzhou, in 2023. Additionally, the partnership will focus on expanding hydrogen applications to various sectors, such as launching hydrogen-powered tractor-trailers by 2025 and exploring applications in ships, trams, power generation, and forklifts in South Korea. The collaborative efforts seek to accelerate Hyundai's global hydrogen strategy and establish a foothold in China's hydrogen market.