Hyundai, Toray to team up to develop mobility materials

Hyundai Motor Group said on Thursday it has signed a strategic partnership agreement with Japan's Toray Industries Inc. to jointly develop carbon fiber reinforced plastics (CFRP) and other materials used to enhance the performance and safety of electric vehicles and motors.

Toray is the world’s largest carbon fiber and composite material producer. Carbon fiber boasts excellent physical properties such as being lightweight, strong and resistant to heat and is used in the mobility field such as automobiles and aircraft.

Their partnership aims to develop lightweight and high-strength materials for environmentally friendly and high-performance vehicles, Hyundai said in a statement.

“Hyundai Motor Group aims to leverage this strategic partnership to strengthen its position as a global leader in mobility solutions,” said Chang Song, president and head of Hyundai Motor's advanced vehicle platform division.

“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,” he added.

Akihiro Nikkaku, chairman of Toray Industries and Mitsuo Ohya, its chief executive, attended the signing ceremony held at Hyundai Motor Group’s headquarters in Seoul, along with Hyundai Motor Chief Executive Chang Jae-hoon and Kia Corp. co-CEO Song Ho-sung.

“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,” Hyundai quoted Ohya as saying.

Founded in 1926 in Japan, Toray specializes in carbon fibers and composite materials, as well as in organic synthetic chemistry, polymer chemistry and biochemistry markets.

It has been expanding the production of carbon fiber in Korea of late. Last October, it broke ground on a new carbon fiber production facility in the country.

"Through this collaboration, we will continue to play a leading role in the future mobility industry not only in electrification and software-driven vehicles, but also in the materials field," said a Hyundai Motor Group official.

A software-defined vehicle (SDV) is any vehicle that manages its operations, adds functionality and enables new features primarily or entirely through software.

Write to Nan-Sae Bin at binthere@hankyung.com

Yeonhee Kim edited this article.