Hyundai Motor and Mubadala Collaborate
on Future Business Opportunities
- Hyundai Motor Company and Mubadala Investment Company to explore collaboration on future mobility and cutting-edge technologies, including the hydrogen value chain and production
- The parties will also explore potential investment opportunities
SEOUL/ABU DHABI, December 15, 2023 – Hyundai Motor Company and Mubadala Investment Company “Mubadala”, an Abu Dhabi-based global sovereign investor, have signed a memorandum of understanding (MOU) to jointly explore potential business opportunities and synergies for future mobility and technologies.
The signing ceremony, which took place in Abu Dhabi, was attended by Jaehoon Chang, President and CEO of Hyundai Motor Company, and Waleed Al Mokarrab Al Muhairi, Deputy Group Chief Executive Officer of Mubadala Investment Company. This marks the beginning of a strategic collaboration that will drive progress in future mobility and clean technologies.
The agreement will allow both parties to jointly invest and share expertise, leveraging the advantages of Mubadala's investments and Hyundai Motor's expertise in various fields, including green steel production, green aluminum production and recycling, as well as advanced air mobility (AAM), and infrastructure for electric vehicles.
In addition, Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
“This collaboration capitalizes on the organic synergy between Hyundai Motor's eco-friendly and futuristic business strategies, including hydrogen, green steel, green aluminum as well as future mobility technologies, and Mubadala's investment portfolio,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Hyundai Motor will continue to pursue diverse partnerships to achieve a sustainable future and contribute to the global energy transition.”
Commenting on this agreement, Waleed Al Mokarrab Al Muhairi, Deputy Group CEO of Mubadala Investment Company, said: “This strategic partnership with Hyundai Motor Company marks a significant milestone in our journey to further diversify our portfolio across sectors that are shaping the future of the global economy such as mobility, green technology, and energy. Through our combined strengths and expertise, we will surface new investment opportunities that are in line with our strategic growth ambitions and sustainability agendas. We look forward to collaborating with Hyundai Motor Company and expanding our presence in South Korea.”