2023-12-17 21:35:00
Supply chain cooperation with UAE Mubadala
Joint development of technologies such as green aluminum
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Hyundai Motor Company’s new EV plant in Ulsan.
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Jang Jae-hoon (left), President of Hyundai Motor Company, and Walid Almokharab Al-Muhairi, Vice President of Mubadala Group, are taking a commemorative photo following signing a business agreement at Mubadala Tower in Abu Dhabi, United Arab Emirates (UAE) on the 15th (local time). . Photo provided by Hyundai Motor Company
Hyundai Motor Company is entering into a future car alliance with Mubadala, the sovereign wealth fund of the United Arab Emirates (UAE). First, it is expected that eco-friendly aluminum produced in the UAE will be imported and applied to the electric vehicle manufacturing process.
Hyundai Motors (005380) financial analysischart areaView Detailssigned a ‘Memorandum of Understanding (MOU) for eco-friendly transition and acceleration of future new businesses’ with sovereign wealth fund Mubadala at Mubadala Tower in Abu Dhabi, UAE, on the 15th (local time).
Mubadala is a state-owned investment company established by Abu Dhabi in 2002. In order to promote industrial diversification in the UAE, investments are currently being expanded into eco-friendly and high-tech fields.
Through this agreement, the two companies plan to form an alliance to build a supply chain for future mobility. In particular, we will promote business cooperation in the hydrogen, green aluminum, eco-friendly mobility, and AAM (future aviation mobility) sectors, as well as capital cooperation to strengthen Hyundai Motor Company’s digital finance capabilities.
In the green aluminum field, we decided to cooperate in projects related to technology for producing and recycling green aluminum using eco-friendly energy. Hyundai Motor Company is largely introducing aluminum, rather than the steel used previously, in the manufacture of electric vehicles. The new Ulsan electric vehicle plant being built by Hyundai Motor Company also has an aluminum-centered production hub at its core. Mubadala is one of the major shareholders of EGA, a leading global aluminum company. In particular, EGA is increasing cooperation with the automobile industry by supplying aluminum produced with solar energy to global automobile manufacturers such as BMW.
In the hydrogen field, we are conducting a resource-recycling hydrogen business that produces hydrogen from organic waste, etc., and cooperation in the production of green steel, which uses hydrogen to make steel.
In the field of eco-friendly mobility, they also promised to build an electric vehicle charging infrastructure in Spain’s Iberian Peninsula, create a hydrogen ecosystem, supply hydrogen commercial vehicles, and jointly develop renewable synthetic fuels.
In the AAM field, we will seek ways to utilize the capabilities of both companies, focusing on AAM operation, airspace integration, eco-friendly energy, and AAM-related systems.
In addition, Hyundai Motor Company plans to explore various investment opportunities, such as reviewing investments in Mubadala’s fund to strengthen digital finance capabilities such as fintech.
Jaehoon Jang, President of Hyundai Motor Company, said, “Through this agreement with Mubadala, we expect to see synergy between Hyundai Motor Company’s eco-friendly and future new business strategies such as hydrogen, green steel, and green aluminum and Mubadala’s broad investment portfolio.” He added, “Hyundai Motor Company. “We plan to continue to promote diverse cooperation to realize a sustainable society and secure future growth engines, and to contribute to the global energy paradigm shift,” he said.
Walid Al-Mokharab Al-Muhairi, Vice President of Mubadala Group, explained, “We believe that through this partnership with Hyundai Motors, we will be able to diversify our investment portfolio in key areas of the future global economy, such as mobility and eco-friendly technology.”
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