The presidents of Toyota and Hyundai teamed up to host a rare race event. know more

[ad_1]

By: bloomberg
, updated on: October 28, 2024, 06:59 am

Toyota and Hyundai, the world’s number one and number three automakers in terms of sales, are facing intense competition in electric vehicles.

,

  • Toyota and Hyundai, the world’s number one and number three automakers by sales, respectively, are facing intense competition in electric vehicles from Chinese carmakers like Tesla and BYD.

Yaris
Akio Toyoda, president of Toyota Motor Corp., drives the company’s Yaris WRC sports vehicle while Hyundai Motor Group Executive Chairman Euisun Chung sits in the passenger seat in a Hyundai NXT during the Toyota Gazoo Racing Festival at Everland Speedway in Yongin, South Korea. Korea, on Sunday, October 27, 2024. (Bloomberg)

The chairmen of Asia’s two biggest automakers made a rare joint public appearance at an event to showcase their companies’ high-performance vehicles, underscoring a trend for rivals to join hands in opposition to electrification.

Toyota Motor Corp’s Akio Toyoda and Hyundai Motor Group’s Eusun Chung were at a racing festival in Yong-in, south of Seoul, over the weekend. Samsung Electronics Co. Chairman Jay Y. Lee and Hankook & Co. Co. Chairman Hyunbum Cho also appeared to meet with Toyoda and Chung.

The event featured several future-oriented models from both automakers, including rally cars and hydrogen-powered vehicles.

“Toyota and Hyundai are joining hands to create a better society and shape the future of mobility,” Toyoda said Sunday. He said he and Chung discovered a shared passion for racing when they met earlier this year.

Toyota and Hyundai – the world’s No. 1 and No. 3 automakers by sales – face intense competition in electric vehicles from Chinese carmakers such as Tesla Inc and BYD Co, the largest maker of EVs. As Asia’s top legacy automakers, they share similar challenges and ambitions. Both are supporters of hydrogen-powered vehicles as a path toward carbon neutrality.

Sunday’s celebration marks the first time that the two auto giants have organized an event together, raising the possibility of further collaboration. Earlier this month, Toyota’s research unit and Hyundai’s Boston Dynamics Inc. announced plans to jointly develop humanoid robots with artificial intelligence.

Global car companies are increasingly involved in production and R&D to reduce costs and increase competitiveness. Nissan Motor Co. and Honda Motor Co. in August announced a joint research agreement to develop a platform and technology for next-generation software-defined vehicles.

Hyundai has also partnered with General Motors Company for joint product development, manufacturing and future clean energy technologies.

At the event, Hyundai showcased rally cars from its World Rally Championship programme, including the i20 N Rally 1 Hybrid and the i20 N Rally 2.

Toyota’s Gazoo Racing unit presented its GR Yaris Rally 1 Hybrid, GR Yaris Rally 2, GR Supra and GR86, among others.

Get information about upcoming cars in India, electric vehicles, upcoming bikes in India and cutting-edge technology that is changing the automotive landscape.

First publication date: 28 October 2024, 06:59 AM IST

[ad_2]

Source link