Toyota's former CEO and current chairman, Akio Toyoda, is heading to South Korea next month for a strategic meeting with Hyundai. With a private meeting scheduled between company chairpersons, is a new Toyota and Hyundai EV collaboration coming?
On his first trip to Seoul in over a decade, Toyoda is scheduled to meet with Hyundai Motor chairman Chung Euisun.
The trip comes as "Chairman Chung expressed his desire to meet with Chairman Toyoda earlier this year," a diplomatic said. After accepting the invitation, Toyoda will fly into Seoul on October 24 for a three-day trip.
During the visit, Chung and Toyoda are scheduled for a private meeting to discuss how the two leading automakers, who have fiercely rivaled each other thus far, can tackle new competition.
Last year, Toyota was the world's largest automaker in terms of volume, while Hyundai Motor, including Kia and Genesis, ranked third.
According to sources, Hyundai and Toyota will explore collaborating on emerging tech, such as EV development, hybrid vehicles, and hydrogen-powered cars. Other projects could include autonomous vehicles and eVTOLs.
Toyota and Hyundai to discuss EV, hybrid partnership
Toyota wants to learn from Hyundai's successful transition to electric vehicles. The sources said that Hyundai will learn more about Toyota's leading hybrid tech through the partnership.
Another area of focus will be hydrogen vehicles and the supporting infrastructure. Hyundai is investing heavily in hydrogen and fuel cell tech, with about $8.3 billion in funding set aside through the end of the decade.
On the other hand, Toyota strengthened its alliance with BMW earlier this month. The companies aim to create a "hydrogen society" by jointly developing fuel cell systems and improving the infrastructure.
Toyota and Hyundai are also investing heavily in EV and battery tech to keep up with low-cost competition from China.
Just this week, Toyota received the green light from Japan's Ministry of Trade and Industry (METI) to develop and build advanced EV batteries, including all-solid-state tech. The certification comes as Japan aims to secure a domestic supply, with China and South Korea controlling the market.