The companies signed a Strategic Joint Development Agreement on October 24
Hyundai Motor Group and Toray Industries have signed a Strategic Joint Development Agreement to collaborate on advanced materials and components innovation
The signing ceremony was held at Hyundai Motor Group's headquarters in Seoul, Korea, on October 24, with Heung-soo Kim, executive vice president and head of the Global Strategy Office at Hyundai Motor Group, and Miki Terada, general manager of the Advanced Composites Division at Toray Group, in attendance.
Kim said, “This agreement marks an important milestone in our partnership, as it represents the first tangible outcome of our strategic collaboration initiated last year. By clearly defining our focus areas and combining our respective strengths, we will work closely together across the entire process, from R&D to production and commercialisation, in the field of advanced composite materials, enhancing our ability to respond to market demands.”
Terada said, “The Joint Development Agreement marks a significant step forward in advancing the partnership established in the previous year. Leveraging Toray’s unique material technologies and extensive expertise, we will collaborate closely with Hyundai Motor Group to create innovative composite solutions essential for next-generation mobility. From R&D to production and commercialisation, we will work in close coordination to enhance our competitiveness in the global market.”
Building on the strategic cooperation agreement signed in April 2024, the two companies have continued working together on developing high-performance composite materials to improve safety and performance in mobility.
The newly signed agreement is a significant advancement in their collaboration, accelerating the development of advanced materials and components for future mobility, including high-performance vehicles and special-purpose mobility such as lunar exploration rovers and robots.
Hyundai Motor Group hopes to further drive innovation in future mobility, creating new market opportunities through collaboration with Toray Group across the entire value chain in high-performance composite materials.
As part of this goal, Hyundai Motor Group will conduct vehicle-level design, suitability assessments, and performance evaluations of advanced materials and components through its Materials Research and Engineering Centre, which is responsible for developing and validating new body materials.
Toray Group's global subsidiaries —Toray Advanced Materials Korea, Toray Advanced Composites in the Netherlands, and Euro Advanced Carbon Fibre Composites in Germany — will carry out the development and production of carbon fibre composites.
