Hyundai Motor forges strategic partnership with Saudi Aramco
SEOUL, AJU - South Korea's Hyundai auto group forged a strategic partnership with Saudi Aramco, the world’s largest oil exporter, to cooperate in fuel-cell vehicles and carbon fiber materials.
In a ceremony attended by Aramco CEO Amin H. Nasser and Hyundai Motor executive vice chairman Chung Eui-sun on Wednesday, the two companies signed a memorandum of understanding to strengthen cooperation in developing hydrogen energy and carbon fiber materials.
Hyundai said it joined hands with Aramco to establish hydrogen-charging infrastructure in South Korea, introduce hydrogen-powered vehicles in Saudi Arabia and produce solid hydrogen tanks and make vehicles lighter. They will work together to apply carbon fiber materials in the automotive and non-metallic area by making and utilizing low-cost carbon fiber (CF) and carbon fiber reinforced plastics (CFRP).
The partnership reflects Hyundai's drive to become a new competitor in the global carbon fiber market. Hyundai, which produces hydrogen storage tanks for vehicles using carbon fiber, hopes to expand the application of lightweight materials such as carbon fiber in vehicles.
Both companies plan to strengthen overall cooperation on new car-related businesses and future automobile technologies. “The partnership between the two companies means cooperation not only in existing businesses but also in new future businesses,” Chung said. “We hope the MOU will serve as an opportunity to strengthen the strategic partnership between the two companies.”
Ahmad A. Al Sa'adi, senior vice president of Aramco's technical services, described the partnership as an important first step toward achieving a common goal of finding new growth opportunities in hydrogen and non-metallic areas.