Hyundai Rotem Hydrogen Extractor Factory in Uiwang-si, Gyeonggi-do. The Hyundai Motor Group, together with the government and financial circles, creates a corporate investment fund to help parts companies develop technology to enter future cars. Photo Hyundai Rotem
Hyundai Motor Group joined hands with the government and financial circles to create a fund worth 200 billion won to build a future car ecosystem. The fund is invested in domestic parts makers for the future car industry.
On the 4th, Hyundai Motor Group signed a’future car industry and industrial digital industry-financial new deal investment cooperation business agreement’ with government agencies, financial circles, and policy fund management institutions at the EV station in Gangdong-gu, Seoul. The main goal of the business agreement is to support investment in new deals in the future car and digital fields through funds created in cooperation with the industry and financial world, and to strengthen the growth of mid-sized and small and medium-sized companies and the establishment of an industrial ecosystem.
The future car and industrial digital investment fund worth 200 billion won consists of two corporate investment funds and three infrastructure investment funds. The corporate investment fund invests in domestic parts companies that convert from existing internal combustion engines to eco-friendly and future car parts companies, and the infrastructure investment fund invests in infrastructure such as electric vehicles and hydrogen charging stations. Funds are raised from 50 billion won in a policy-type New Deal Fund, 150 billion won in private investment, 30 billion won by the Korea Industrial Technology Evaluation and Management Agency (KEIT), and 20 billion won by the Korea Information and Communication Promotion Association (KIAT). The Hyundai Motor Group decided to invest 10 billion won each in three funds.
A Hyundai Motor Company official said, “The corporate investment fund will be a platform for investment such as technology development when parts companies that mainly produce parts for internal combustion engines switch to the field of pollution-free and self-driving cars.” Considering that domestic parts makers suffer from lack of information related to eco-friendly future cars, Hyundai Motor Company plans to actively cooperate with the Auto Parts Industry Promotion Foundation, a non-profit public interest corporation for auto parts makers, to resolve the blind spot of information. .
Reporter Kim Young-joo [email protected]