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Image source: The Japan Times. |
The automotive industry is becoming increasingly competitive with new players constantly entering the market. To stay ahead of the curve and launch appealing models, many car manufacturers are turning to collaboration.
According to an exclusive report by the Korea Economic Daily, Toyota and Hyundai have taken the first steps towards a potential partnership. A meeting between Akio Toyoda, Chairman of Toyota, and Euisun Chung, Chairman of Hyundai, is expected to take place in October in Seoul, South Korea.
“Earlier this year, Chairman Chung reached out to express his desire to meet with Mr. Toyoda. They have been in communication for several months and have decided to hold an amicable discussion,” Motor1 quoted Korean media sources.
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Hydrogen energy is expected to be the main topic of discussion. Image source: Plastic Today. |
Mr. Akio Toyoda is scheduled to arrive in Seoul on October 24, and the meeting will take place the following day. According to multiple sources, Toyota’s South Korean branch is making meticulous preparations to ensure a smooth and busy three-day itinerary for the Chairman.
The Korea Economic Daily also predicts that hydrogen energy will be the central theme of the conversation. Hyundai and Toyota are likely to explore a collaboration on hydrogen-powered vehicles to establish a “hydrogen ecosystem,” offering an alternative to the rapidly growing electric vehicle market.
However, both brands will need to address the challenge of fueling infrastructure. As of 2023, the number of hydrogen refueling stations remains modest, with approximately 1,000 stations worldwide.
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The Toyota Mirai and Hyundai Nexo are examples of hydrogen-powered vehicles. |
Both Toyota and Hyundai have ventured into hydrogen-powered vehicles, but commercial success has been elusive. For instance, the Toyota Mirai, a hydrogen fuel cell vehicle launched in 2014, has struggled to gain traction in the market.
Moreover, Hiroki Nakajima, Toyota’s Technology Director, acknowledged that the Mirai sedan faced challenges due to the difficulties in establishing fueling infrastructure. Similarly, the Hyundai Nexo has faced an uphill battle, with low sales and limited interest from domestic customers.
Meanwhile, Toyota is also collaborating with BMW on a similar initiative. BMW is developing hydrogen-powered SUVs named iX5, utilizing fuel cell technology provided by Toyota. The vehicles are expected to enter mass production by 2028.
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