According to media reports on September 2, informed sources revealed that Akio Toyoda, Chairman of Toyota Motor Corporation, is set to visit Seoul at the end of October at the invitation of Chung Eui-sun, Chairman of Hyundai Motor Group (including Hyundai Motor Company and Kia Motors). The two are expected to discuss cooperation on hydrogen fuel vehicles and other business areas. This will be Akio Toyoda's first visit to South Korea since January 2012.
Multiple sources indicate that Toyota Korea is currently coordinating the detailed itinerary for Akio Toyoda's trip to Seoul. It is reported that Toyoda may arrive in Seoul on October 24 for a three-day visit, with a private meeting with Chung Eui-sun potentially taking place on October 25.
Insiders suggest that the two leaders are expected to discuss strengthening cooperation in the development of hydrogen-powered vehicles and jointly establishing a hydrogen energy ecosystem.
Sources also revealed that both parties are likely to announce a shift from competition to a cooperative business strategy. Through a closer partnership, Hyundai Motor Group aims to learn from Toyota's innovative strategies in hybrid vehicle development and production, while Toyota hopes to gain insights from Hyundai's successful transformation from a gasoline vehicle manufacturer to a leader in electric vehicles. Additionally, Toyota and Hyundai Motor Group plan to collaborate in the field of hydrogen-powered vehicles, working together to establish infrastructure for the production and distribution of clean hydrogen.
Previously, Toyota and Hyundai Motor Group have been in fierce competition to capture a larger market share in future mobility sectors such as electric vehicles and hydrogen fuel cell vehicles (FCEVs). Both automakers are currently expanding their investments in electric vehicles and view hydrogen-powered vehicles as a crucial part of the future of mobility.
Earlier this year, Akio Toyoda stated that fully electric vehicles would eventually account for about 30% of the global automotive market, with hybrid vehicles and hydrogen fuel cell vehicles making up the remainder.
Last month, Toyota announced plans to build a hydrogen fuel cell plant with a capacity of 44,000 cubic meters in Beijing. Meanwhile, Hyundai announced plans to establish a Hydrogen Innovation Center at the Indian Institute of Technology (IIT) Chennai campus.
According to market research firm SNE Research, global sales of hydrogen-powered vehicles reached 5,621 units in the first half of this year, a 34% decline from 8,524 units during the same period last year.
Among them, Hyundai sold 1,836 NEXO hydrogen fuel cell vehicles, while Toyota sold 1,284 Mirai hydrogen-powered sedans.
Analysts noted that the lack of new hydrogen fuel cell models and insufficient hydrogen refueling stations are hindering the rapid growth of hydrogen-powered vehicle sales.
