South Korea’s Hyundai Motor Group has signed an agreement with Japan’s Toray Industries Inc. to advance material innovation for a new era of mobility.

The signing ceremony, which took place on Thursday at Hyundai Motor Group’s headquarters in Seoul, was attended by Chang Jae-hoon, President and CEO of Hyundai Motor Co., Song Ho-sung, President and CEO of Kia Corp.; Song Chang-hyun, President and Head of Advanced Vehicle Platform Division; and Kim Heung-soo, Executive Vice President and Head of Global Strategy Office.

From Toray Industries, attendees included its Chairman Nikkaku Akihiro, President Ohya Mitsuo, and Toray Advanced Materials Korea Chairman Lee Young-kwan.

Under the partnership, Hyundai Motor Group and Toray, a a pioneer in carbon fiber and composite material technology, will jointly develop lightweight materials such as carbon fiber reinforced plastic (CFRP) to enhance mobility performance and ensure safety of future cars.

Hyundai Motor Group also plans to actively apply new materials to its future mobility products, aiming to showcase differentiated product competitiveness and lead mobility innovation.

As automobiles evolve from mere modes of transportation to advanced devices, the development of new materials and material-related technologies has become increasingly crucial, especially with the rising importance of material innovation in global environmental and safety regulations.

“Hyundai Motor Group aims to leverage this strategic partnership to strengthen its position as a global leader in mobility solutions,” said President Song Chang-hyun. “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.”

“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 pursue fundamental innovation not only in the electrification and software-defined vehicle (SDV) sectors but also in the material field through cooperation with Toray Group, continuing to play a leading role in the future mobility industry.

Hyundai Motor Group, in the meantime, announced its European sales performance for March on Thursday.

According to market data, Hyundai and Kia sold a total of 112,692 units in March this year in Europe, down 5.6 percent from a year ago.

Despite a decrease in sales compared to the previous year, analysts consider the performance commendable considering the record-high sales achieved during the same period last year.

By Park So-ra and Minu Kim

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