Toyota and Hyundai to Collaborate on Hydrogen Vehicles: A Shift from Competition to Cooperation
Key Ideas
- Toyota's chairman, Akio Toyoda, will visit Hyundai in Seoul to discuss business cooperation, focusing on hydrogen vehicles and the establishment of a hydrogen ecosystem.
- The meeting signifies a shift from competition to collaboration between the two automotive giants, aiming to leverage each other's strengths in hybrid vehicles, EVs, and hydrogen FCEVs.
- Hyundai plans to invest heavily in hydrogen vehicles and fuel cells, with Toyota already forming a hydrogen alliance with Germany's BMW Group, showcasing great interest in the sector.
- Both companies, which have seen record-high sales driven by hybrid vehicles, are aiming to enhance their partnership to develop clean hydrogen production and distribution infrastructure.
Akio Toyoda, chairman of Toyota Motor Corp., is set to fly to Seoul to meet with Hyundai's Chairman Chung Euisun to discuss business collaboration, particularly in the realm of hydrogen vehicles. The two leaders are expected to declare a shift from rivalry to partnership, focusing on enhancing cooperation in hydrogen vehicle development and establishing a hydrogen ecosystem. Toyota and Hyundai, two automotive giants with significant sales and profits, plan to learn from each other's successes in hybrid cars and electric vehicles. Hyundai is actively investing in hydrogen vehicles and fuel cells, with plans for a substantial investment in the sector by 2030. Toyota, on the other hand, has already formed a hydrogen alliance with BMW Group, indicating a keen interest in hydrogen as a game-changing technology. Both companies aim to collaborate in building a clean hydrogen infrastructure to support the growth of the sector. Despite challenges such as limited FCEV models and hydrogen charging stations, the companies are optimistic about the future of hydrogen in the automotive industry. Toyota envisions EVs capturing 30% of the global market, while the rest will be shared between hybrids and hydrogen FCEVs. Both Toyota and Hyundai have ambitious plans for the future, with Toyota investing heavily in EVs and Hyundai focusing on establishing a hydrogen innovation center in India. The meeting between Toyoda and Chung represents a significant step towards a more sustainable and collaborative future in the automotive industry.