Hyundai Motor Group and the government to create a future car ecosystem…Participate in a 200 billion won fund

Input 2021.02.04 14:32

Hyundai Motor Company (005380)The group will partner with the government and the financial community to support the future car industry ecosystem such as eco-friendly and autonomous driving. The Hyundai Motor Group will support domestic parts makers who wish to enter the future car industry and participate in the government’s large-scale fund creation to build an electric vehicle and hydrogen electric vehicle charging infrastructure.

On the 4th, Hyundai Motor Group signed a’Future Vehicle/Industrial Digital Industry-Finance New Deal Investment Cooperation Business Agreement’ with government agencies, financial institutions, and policy fund management institutions at Hyundai EV Station Gangdong. The business agreement ceremony included Minister of Trade, Industry and Energy Sung Yun-mo, Chairman of the Financial Services Commission Eun Seong-soo, Chairman of the Financial Services Commission Lee Dong-geol, Chairman of the Korea Development Bank, Ki-Hong Sung, CEO of Korea Growth Finance Corporation, Yang-ho Jeong, Director of the Institute for Industrial Technology Evaluation and Management (KEIT), President of the Institute for Industrial Technology Promotion (KIAT) Yoo Ji-cheol, and Jeong-tae Kim, Chairman of Hana Financial Group. , Yong-Byeong Cho, Chairman of Shinhan Financial Group, Jong-won Yoon, President of Industrial Bank of Korea, and Young-woon Kong, President of Hyundai Motor Company attended the event.

This business agreement was promoted to support the new deal investment in the future car and industrial digital sectors, and to strengthen the growth of small and medium-sized companies and the industrial ecosystem. Participating institutions, companies, and banks decided to cooperate with each other in 2021 to create a’Future Car/Industrial Digital Investment Fund’ (hereinafter referred to as the Future Car Investment Fund) with a total amount of 200 billion won, which is the parent fund of the policy-type New Deal Fund.

The Future Car Investment Fund consists of three funds: two corporate investment funds worth 150 billion won and infrastructure investment funds worth 50 billion won. The corporate investment fund invests in domestic parts companies that develop new technologies to enter the eco-friendly future car parts company from the existing internal combustion engine parts, and the infrastructure investment fund invests in eco-friendly future car infrastructure such as high-speed electric vehicle charging stations and hydrogen charging stations.

Hyundai Motor Group will participate in the three funds with a total amount of 30 billion won, each of 10 billion won. It is a decision to actively support internal combustion engine parts makers to grow into competitive future car parts companies as the market for pollution-free vehicles such as electric vehicles and hydrogen electric vehicles is expanded and the commercialization of future new technologies such as autonomous driving and artificial intelligence is accelerated.

The successful entry of auto parts companies into the future car industry is not just a dimension of survival of individual companies, but an issue that determines the competitiveness of the future automotive industry. It follows. Along with this, the Hyundai Motor Group announced that it was participating in this fund because early construction of infrastructure for domestic environmental vehicles and autonomous vehicles is essential to lead the global eco-friendly future vehicle market.

At the same time, Hyundai Motor Group is working hard to resolve information blind spots by actively cooperating with the Auto Parts Industry Promotion Foundation, a non-profit public interest corporation for auto parts makers, considering that domestic parts makers are suffering from lack of information on eco-friendly future cars. The policy is to pour.

An official of the Hyundai Motor Group said, “The Future Vehicle Investment Fund will become a platform for internal combustion engine parts makers to prepare pollution-free and autonomous vehicle parts, and contribute to the expansion of the charging infrastructure so that customers can conveniently charge electric and hydrogen vehicles anywhere in the country. I look forward to it.”