Hyundai Motor Group Chairman Chung Euisun will visit Singapore as early as next week to tour the company’s overseas open innovation lab, dubbed Hyundai Motor Global Innovation Center Singapore (HMGICS), in what would be his first official overseas business trip since his inauguration as chairman, industry sources said on Wednesday.

Hyundai Motor Group held the online groundbreaking ceremony for the Singaporean innovation center in October last year with an aim to complete the construction by the end of next year. As an open innovation lab, the HMGICS will be responsible for R&D to lead a paradigm shift in mobility value chain, spanning the entire lifecycle of vehicles.

As Hyundai Motor Group hopes to create synergy from joint projects between HMGICS and the city state’s universities, startups and research centers, Chung is expected to meet with local government officials or industry leaders to discuss global cooperation during his visit.

It would be his first official business travel to overseas since he officially became the conglomerate chief. The last time Chung went abroad was February last year for joining the reception after U.S. National Governors Association (NGA) Winter Meeting to share his vision for future hydrogen society with U.S. governors.

Separately, Hyundai Motor Co. announced on Wednesday that it has made a strategic investment in Israeli tech company UVeye to employ its deep learning-based touchless, drive-through vehicle inspection technology.

UVeye raised more than $40 million from Hyundai Motor, U.S.-based global insurance holding company W. R. Berkley and other automakers with its drive-through system for car inspection. Detailed investment scale was undisclosed. Honda, Toyota and Volvo also said to have partnered with the Israeli company.

Hyundai Motor shares on Thursday rose 2.12 percent to end at 264,500 won ($240.72) on Thursday.

By Seo Jin-woo and Lee Ha-yeon

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