Akio Toyoda, Toyota’s former chief executive and current chairman, will travel to South Korea in the coming months to lead a high-level meeting with Hyundai. Is a pioneering partnership in the making as Toyota and Hyundai co-chairpersons gear up for an exclusive meeting, sparking whispers of a revolutionary electric vehicle collaboration that could reshape the automotive landscape?
On his first visit to Seoul in more than a decade, Toyota’s president is set to meet with Hyundai Motor’s chairman, Chung Euisun.
According to a diplomatic source, the journey originated from a conversation between Chairman Chung and Chairman Toyoda earlier this year in which Chairman Chung expressed his desire to reconcile. Upon accepting the invitation, Toyota’s CEO, Toyoda, is scheduled to arrive in Seoul on October 24, embarking on a three-day expedition.
Toyota’s Senior Managing Officer, Masahiko Ito, and Hyundai Motor Group’s Executive Vice Chairman, Eui-Sun Chung, are set to meet for a private conference to discuss how the two longtime rivals can jointly respond to emerging market challenges from new competitors.
In the final year, Toyota held the top spot as the world’s largest automaker in terms of volume, while Hyundai Motor, encompassing Kia and Genesis, claimed the number three position.
Hyundai and Toyota are poised to explore collaborative efforts in cutting-edge technologies, including the development of electric vehicles, hybrid cars, and hydrogen-powered vehicles, as per industry sources. Various assignments may feature self-driving cars and electric vertical takeoff and landing aircraft.
Toyota and Hyundai to Collaborate on Electric Vehicles and Hybrid Technology?
Can Toyota learn from Hyundai’s successful pivot to electric vehicles? According to sources, Hyundai will gain deeper insights into Toyota’s core hybrid technology as part of the partnership.
One key area of focus can be hydrogen fuel cell vehicles and the development of supporting infrastructure. Hyundai has been heavily invested in hydrogen and fuel cell technology, allocating approximately $8.3 billion in funding by the end of the past decade.
Toyota solidified its partnership with BMW earlier this month. The company aims to establish a sustainable “hydrogen society” through collaborative advancements in fuel cell technology and development of supporting infrastructure.
As Toyota and Hyundai accelerate their investments in electric vehicle (EV) and battery technologies, they aim to stay ahead of the curve in the face of intense competition from Chinese automakers that have successfully driven down costs through economies of scale.
This week, Toyota has received clearance from Japan’s Ministry of Economy, Trade and Industry (METI) to develop and manufacture advanced electric vehicle batteries, including cutting-edge all-solid-state technology. Japan aims to secure a domestic supply of rare earth minerals by introducing its own certification standards, in an effort to counterbalance China’s dominance and South Korea’s growing influence in the market.
Electrek’s Take
After partnering with GM on Thursday to collectively develop new EV and powertrain tech, Hyundai may bolster R&D with one other attainable collaboration with Toyota.
As several legacy automakers have done, Hyundai has accelerated its hybrid production efforts over a relatively short span. Given that Toyota pioneered the hybrid motion, a collaboration in this area seems logical.
While Toyota has traditionally trailed behind in electric vehicle (EV) adoption, it can learn valuable lessons from Hyundai’s successful transition, which has yielded significant profits to date.
Hyundai aims to nearly double its hybrid offerings, expanding the range to include 14 models that span all segments. By 2028, the corporation aims to increase its hybrid sales by a significant 40%, boosting production to a record 1.33 million units, a substantial surge from previous years’ totals.
Despite its emphasis on hybrid technology, Hyundai remains committed to electric vehicles as the future of the industry. The company aims to boost its electric vehicle sales to two million units by 2030, which represents more than one-third (36%) of its overall gross sales.
Later this year, Hyundai’s subsidiary brand is set to debut its inaugural three-row electric sport utility vehicle, the Ioniq 9. Recently, Hyundai unveiled an updated version of the 2025 IONIQ 5, boasting enhanced range, additional features, and refined styling. The first model produced at its massive new Metaplant America facility, set to debut next month in Georgia, will be a significant milestone.
