Hyundai's Chung Euisun and Toyota's Akio Toyoda to Meet on the 27th
"We Will Create Better Cars and the Future of Mobility Together"
The heads of the world's 1st and 3rd largest automakers by sales, representing Japan and Korea respectively, gathered in one place. They are Akio Toyoda, Chairman of Toyota Motor Corporation, and Chung Eui-sun, Chairman of Hyundai Motor Group. Although they fiercely compete in the market, they joined hands through the common link of motorsports. Attention is focused on whether this will open the door to full-fledged cooperation regarding new technologies and new businesses surrounding mobility, such as electrification and autonomous driving.
At the Hyundai N×Toyota Gazoo Racing (GR) Festival held on the 27th at Yongin Speedway, the two chairmen rode together in the 'show run' car that marked the start of the event. Akio Toyoda, who usually participates as a driver in racing competitions, took the wheel, and Chairman Chung sat beside him. Akio also demonstrated intense drifting in a rally car. When the two chairmen got out of the car and greeted the audience, the crowd responded with applause.
On the 7th, at Everland Speedway in Yongin, Gyeonggi Province, Hyundai Motor Group Chairman Chung Eui-sun and Toyota Motor Corporation Group Chairman Akio Toyoda of Japan entered after completing a special show run at the 'Hyundai N x TOYOTA GAZOO Racing Festival'. Photo by Jo Yong-jun
On the surface, the event was organized with the purpose of promoting motorsports more widely in Korea, where the motorsports base is relatively shallow. Jung Ji-ha, Hyundai Motor Team Leader, said, "The two chairmen wanted to create a place to introduce sincerity, passion, and fun about motorsports for Korean fans through two companies representing Asia (Hyundai and Toyota) in the World Rally Championship (WRC). The WRC drivers had been fiercely competing until recently, but today they came together to show a great performance."
Motorsports is more than just a place to compete driving skills; it serves as a testbed where automakers apply and test various technologies they have refined directly on vehicles. The WRC is considered the optimal competition for tempering the basic durability and handling capabilities of vehicles, as it involves driving quickly over rough and rugged terrain.
On the 27th, at Everland Speedway in Yongin, Gyeonggi Province, Chung Euisun, Chairman of Hyundai Motor Group, and Akio Toyoda, Chairman of Toyota Motor Corporation in Japan, are performing a special show run at the 'Hyundai N x TOYOTA GAZOO Racing Festival'. Akio Toyoda is in the driver's seat, and Chung Euisun is in the passenger seat. Photo by Jo Yongjun
Akio Toyoda, Chairman of Toyota Motor Corporation Group. When active as a driver, he uses the pseudonym "Morizo." [Photo by Hyundai Motor Group]
Hyundai Motor Group Chairman Chung Euisun is riding as a passenger in a rally car driven by Toyota Chairman Akio Toyoda. [Photo by Hyundai Motor Group]
Chairman Chung said, "Through the N brand, we showcase race cars, and both Japan and Korea are working hard to satisfy everyone who desires the thrill of driving a car that makes their heart race. We will strive to perform well alongside Toyota in the racing field so that more people can enjoy driving with satisfaction." He added, "I practiced drifting separately for today's event, but I was not successful, so I will practice harder and show it to you if I get the chance."
Chairman Akio greeted the audience in Korean, saying "Saranghamnida" (I love you). He said, "We will work together with Hyundai to create better cars and the future of mobility."
This was the first time the two chairmen met in public. It is said that Akio proposed the joint event during a private meeting earlier this year. Since the top decision-makers of the companies have promised cooperation on a broad scale, it is expected that they will accelerate specific projects. The two companies have reached a consensus to cooperate in new businesses such as robotics and hydrogen. Until now, they have each pursued new businesses in various advanced technology fields beyond automobiles, but the industry is paying attention to whether they will open the door to cooperation in specific areas. Both companies represent not only the automotive industry of their respective countries but also future new business fields integrating advanced technologies.
On the afternoon of the 27th, at Everland Speedway in Yongin, Gyeonggi Province, Hyundai Motor Group Chairman Chung Eui-sun (center), Samsung Electronics Chairman Lee Jae-yong (right), and Hankook Tire Chairman Cho Hyun-bum are watching the 'Hyundai N x TOYOTA GAZOO Racing Festival'. Photo by Jo Yong-jun
Regarding the electrification transition, the biggest issue in the automotive industry, the two companies show similar approaches. Especially recently, as investment in electric vehicles has slowed due to a chasm (temporary demand stagnation), they lead the market with a full lineup of vehicles that play a transitional role, such as hybrids. Since Chinese automakers have emerged as strong competitors in future mobility fields like electrification and autonomous driving, the need for alliance has been steadily mentioned. Hyundai recently agreed to comprehensive cooperation with General Motors (GM) in the United States in various fields. Toyota also partnered with German BMW in future mobility fields, including hydrogen fuel cell vehicles.
Immediate interest lies in whether they will undertake visible projects together in the hydrogen field. Currently, Hyundai and Toyota are practically the only manufacturers releasing mass-produced hydrogen vehicles. If they combine forces in various areas such as technology development, parts supply, and infrastructure construction, the potential for synergy is high. Hydrogen vehicles are expected to be widely used in the mid-to-long term, mainly for commercial vehicles. However, the industry expects that progress will be faster if cooperation occurs at the private level and public funds are invested, rather than companies preparing individually.
Akio Toyoda, Chairman of Toyota Motor Corporation (fourth from the right), Chung Eui-sun, Chairman of Hyundai Motor Group (fifth from the right), and each company's WRC driver players are taking a commemorative photo before the event at Yongin Speedway on the 27th. [Photo by Hyundai Motor Group]
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