Toyota and Hyundai Forge Alliance for Future Mobility: Focus on Hydrogen Vehicles
Key Ideas
  • Toyota's Chairman, Akio Toyoda, to meet with Hyundai's Chairman in Seoul to discuss business cooperation, particularly focusing on hydrogen vehicles and establishing a hydrogen ecosystem.
  • Both companies, competitors in the mobility sector, plan to shift towards collaboration to enhance their positions in the market and learn from each other's successes.
  • Hyundai is highly active in hydrogen vehicle development, investing significantly in hydrogen cars and fuel cells, while Toyota has also shown interest in hydrogen vehicles through alliances and investments.
  • Despite the current low sales of hydrogen vehicles globally, both Toyota and Hyundai aim to bet on hydrogen as a key component of future mobility, alongside EVs and hybrids.
Akio Toyoda, the chairman of Toyota Motor Corp., is set to visit Seoul to meet with Hyundai Motor Group Chairman Chung Euisun to discuss business cooperation, with a focus on hydrogen vehicles. This marks a shift towards collaboration between the two companies, who are top players in the automotive industry. Both Toyota and Hyundai aim to leverage each other's strengths in hybrid vehicles and EVs, with a new emphasis on hydrogen fuel cell EVs. Hyundai's significant investment in hydrogen vehicles and Toyota's recent hydrogen alliance with BMW showcase their commitment to this sector. The meeting is expected to also cover autonomous vehicles and advanced air mobility projects. Toyota and Hyundai have seen record sales driven by hybrid vehicles, with Toyota leading in global vehicle sales and Hyundai's strong presence in the market. Both companies plan to expand their offerings to include more EVs and hydrogen-powered vehicles. Despite the global sales of hydrogen vehicles decreasing, Toyota and Hyundai remain optimistic about the potential of hydrogen in the future mobility landscape. Toyota's plans to invest in EVs while Hyundai focuses on hydrogen innovation highlight their strategies for future growth in the industry. The meeting in Seoul signifies a strategic shift towards mutual collaboration in shaping the future of mobility.
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