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May 24, 2024

Hyundai Motor, Toray forge strategic partnership for mobility materials

PUBLISHED : April 18, 2024 - 14:03

UPDATED : April 18, 2024 - 14:03

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(Getty Images)

Hyundai Motor Group said Thursday it has forged a strategic partnership with Japanese chemical giant Toray Group to use carbon fiber and other innovative new materials in future mobility products.

Under the agreement, Hyundai Motor and Toray plan to jointly develop carbon fiber-reinforced plastic and other lightweight materials to enhance performance and safety involving mobility products, the South Korean auto group said.

They also aim to actively apply new materials to future mobility products and lead innovation in the mobility industry by offering differentiated competitiveness in the field.

Carbon fiber, one of Toray Group's core business areas, is widely used in the mobility sectors involving automobiles and aircraft, thanks to its excellent properties, such as lightweight, strength and heat resistance.

A signing ceremony for the agreement was held at Hyundai's headquarters in southern Seoul and was attended by key executives of the two groups.

Song Chang-hyeon, president of Hyundai's Advanced Vehicle Platform division, said the companies "will establish competitiveness as a first mover in the global market by combining Hyundai Motor Group's vehicle technology expertise with Toray Group's material technology."

Mitsuo Ohya, president of Toray Group, said he looks forward to developing innovative materials and technologies together with Hyundai Motor Group. (Yonhap)

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