Hyundai Motor Group has signed an MoU for a strategic partnership with the Israel Innovation Authority at EcoMotion Week 2023 in Tel Aviv.
The MoU, signed by Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO), Hyundai Motor Group and Dr Amiram Appelbaum, Chairman, Israel Innovation Authority, will enable the partners to jointly discover innovative Israeli startups that can collaborate with the Group through a startup competition and share project costs for initial technology validation.
In Israel, the Group is actively engaged in open innovation activities with various partners, including strategic investments centred on Hyundai Cradle Tel Aviv, which contributes to the growth of the Israeli innovation ecosystem. Autotalks, a leading technology company based in Israel that develops vehicle-to-everything (V2X) chipsets, is one of the Group’s strategic partners, with $5 million invested in 2018.
The Group operates Hyundai Cradle innovation centres in Tel Aviv, Silicon Valley, Berlin, Beijing and Singapore. Hyundai Cradle contributes to creating a sustainable mobility ecosystem by discovering promising startups that match the technological strengths of each region. It conducts technology verification to proactively secure strategic partnerships and investment opportunities as it creates various open innovation collaborations worldwide.
To facilitate its technological advancement and transformation into a smart mobility solutions provider, the Group established GSO in November 2022, putting it in charge of setting up strategic directions for future mobilities, such as electric vehicles, advanced air mobility (AAM), robotics, purpose-built vehicles (PBV), and software-defined vehicle (SDV) through collaboration with internal and external organisations.
Kim noted that moving forward, the group is committed to advancing open innovation and establishing even closer partnerships to jointly develop future technologies.
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