South Korean legacy automaker Hyundai Motor Group announced a new partnership with Japanese material manufacturer Toray Industries on Thursday to develop new materials for improved electric vehicle performance.
Hyundai partners with Japan’s Toray Industries for new EV materials
According to the press release, Hyundai Motor Group partnered with Toray to co-develop lightweight and high-strength materials for high-performance electric vehicles.
The partnership is part of the South Korean company’s efforts to continuously employ new materials in its upcoming electric vehicle models under the Hyundai, Kia, and likely Genesis brands.
As part of the agreement, Toray will help Hyundai develop carbon fiber-reinforced polymer (CFRP) parts. These innovative materials can apparently boost the overall performance of electric vehicle batteries and motors.
“Hyundai Motor Group aims to leverage this strategic partnership to strengthen its position as a global leader in mobility solutions. By combining our automotive expertise with Toray Group’s material technological prowess, we aim to become the first mover and gain a competitive edge in the global market.”
Song Chang-hyeon, Hyundai Motor Group’s Advanced Platform Division Head
Toray to offer its expertise to improve Hyundai EVs
Toray is recognized as a leader in carbon fiber and composite material technology. Its advanced materials offer lightweight, potent, and heat-resistant properties that significantly aid many companies in various sectors, including automotive and aviation.
For instance, California-based Joby Aviation will utilize Toray’s carbon fiber materials on its forthcoming electric air taxi. Toray also agreed to supply its carbon fiber composite to German aerospace Lilium’s planned electric five-seater jet.
All that said, Toray’s help can also significantly boost Hyundai’s efforts to better compete in the growing electric vehicle market. For context, the South Korean company aims to advance as a “first mover and gain a competitive edge” with the new materials it would develop with Toray.
Hyundai’s US footprint
Hyundai continues to establish a strong foothold in the US electric vehicle market. Last year, it beat American legacy automaker Ford as the second top-selling electric automaker in the country, just behind Tesla.
In Q1 2024, Hyundai’s EV sales surged by a whopping 62% year-on-year in the US market. Hyundai Motor of America also disclosed that its electric vehicle sales increased by a more astounding 100%.
As EV-a2z reported, the award-winning Ioniq 5 plays a crucial role in Hyundai’s success in the US. Last month, the mid-size electric crossover’s sales increased 58% YoY to 3,361 units. In the full quarter, it reported an 18% YoY growth to 6,822 units.
Hyundai’s strategy to use new electric materials in future models can significantly boost its sales further amid the intensifying competition from Chinese electric automakers’ cheap offerings. It can also help the South Korean company to defend its current strong foothold in the US market.
