Toyota Chairman to Meet with Hyundai in South Korea for Potential Cooperation

TapTechNews September 14th news, on the 13th local time, according to electrek, Akio Toyoda, chairman of Toyota Motor, will travel to South Korea next month to hold a strategic meeting with Hyundai Motor. A South Korean diplomatic source said that Hyundai Motor Chairman Chung Eui-sun had expressed the hope of meeting with the chairman of Toyota earlier this year. After accepting the invitation, Akio Toyoda will fly to Seoul on October 24th for a three-day visit.

During the visit, Chung Eui-sun and Akio Toyoda will hold a private meeting to discuss how the two leading automakers cope with new competition. Although the two companies have been fierce competitors before, this meeting may herald the beginning of cooperation.

Sources said that Hyundai and Toyota will explore cooperation in emerging technologies such as electric vehicle development, hybrid vehicles, and hydrogen energy vehicles. Other possible cooperation projects also include autonomous driving cars, electric vertical takeoff and landing aircraft (eVTOLs).

Sources also mentioned that Toyota hopes to draw lessons from Hyundai's successful electrification transformation, and Hyundai will further understand Toyota's leading position in hybrid technology through cooperation.

During the visit, Chung Eui-sun and Akio Toyoda will hold a private meeting to discuss how the two automakers cope with new competition. Although the two companies have been fierce competitors before, this meeting may herald the beginning of cooperation.

TapTechNews learned that Toyota achieved the global sales champion of automobiles last year, while Hyundai Motor (including Kia and Genesis) ranked third.