• Partnership aims to secure capabilities to develop lightweight and high-strength materials for environmentally friendly and high-performance vehicles
• Joint R&D area includes carbon fiber-reinforced polymer (CFRP) parts that are expected to improve the performance of EV batteries and motors
• Through the partnership, Hyundai Motor Group expects to support its long-term electrification strategy, enhance customer experiences and ensure vehicle safety
SEOUL, April 18, 2024 – Hyundai Motor Group (the Group) has signed an agreement for strategic cooperation with Toray Industries, Inc., a pioneer in carbon fiber and composite material technology, to advance material innovation for a new era of mobility.
Toray Industries specializes in fibers and textiles, performance chemicals, carbon fiber composite materials, environmental engineering and life science. Toray Industries is renowned for being the global leader in carbon fiber, a material widely adopted in advanced industries such as automotive and aviation due to its light weight, high strength, and heat resistance properties.
From Toray Industries, Akihiro Nikkaku, Chairman; Mitsuo Ohya, President; Young-kwan Lee, Chairman of Toray Advanced Materials Korea attended the official ceremony to establish the foundation for joint research and development (R&D) and a long-term partnership.
Representatives from the Group included Jaehoon Chang, President and CEO of Hyundai Motor Company; Ho Sung Song, President and CEO of Kia; Chang Song, President and Head of Advanced Vehicle Platform Division; and Heung-Soo Kim, Executive Vice President and Head of Global Strategy Office.
“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,” said President Ohya. “We are happy to partner with Hyundai Motor Group to continue this innovation.”
“Hyundai Motor Group aims to leverage this strategic partnership to strengthen its position as a global leader in mobility solutions,” said President Chang Song. “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.”
The partnership with Toray Group plays a key role in the Group’s future mobility strategy. The Group is adopting a comprehensive approach by pursuing fundamental advancements in material technology, in addition to electrification and software-defined vehicles (SDVs).
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About Toray Industries, Inc.
Toray Industries, Inc. is a leading technology and advanced materials innovator, and it has contributed to social progress since its foundation in 1926 by creating new value. With almost 49,000 employees worldwide, the Toray Group helps the world to overcome new challenges by supplying fibers and textiles, resins and films, carbon fiber composite materials, and other high value-added products.
For more information, please visit our website at: https://www.toray.com.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Newsroom.
Contact:
Jiwon Moon
Global PR Strategy & Planning / Hyundai Motor Group
[email protected]
