Hyundai and Toray Announce Partnership to Develop Advanced Materials for Enhanced Mobility Solutions

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Their partnership aims to develop lightweight and high-strength materials for environmentally friendly and high-performance vehicles, Hyundai said in a statement.“Hyundai Motor Group aims to leverage this strategic partnership to strengthen its position as a global leader in mobility solutions,” said Chang Song, president and head of Hyundai Motor's advanced vehicle platform division.“By combining our automotive expertise with Toray Group’s material technology prowess, we aim to become the first mover and gain a competitive edge in the global market,” he added.

Akihiro Nikkaku, chairman of Toray Industries and Mitsuo Ohya, its chief executive, attended the signing ceremony held at Hyundai Motor Group’s headquarters in Seoul, along with Hyundai Motor Chief Executive Chang Jae-hoon and Kia Corp.co-CEO Song Ho-sung.“Toray Industries has developed innovative technology and materials focusing on electrification and sustainability to address the needs of customers in the constantly evolving automotive industry,” Hyundai quoted Ohya as saying.

Hyundai Motor Group said on Thursday it has signed a strategic partnership agreement with Japan's Toray Industries Inc.to jointly develop carbon fiber reinforced plastics (CFRP) and other materials used to enhance the performance and safety of electric vehicles and motors.

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Category: Economy

Markets: South KoreaJapan

Topics: Fiber Materials Toray Partnership Motor Mobility Group Carbon Industries Vehicles Hyundai

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-18 @ 17:47:33 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

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