Toyota Motor Chairman Akio Toyoda and Hyundai Motor Group Chairman Euisun Chung's historic first public meeting in South Korea has sparked speculation about potential collaboration between the world's top automakers. The leaders met at a joint "Hyundai N x Toyota GAZOO Racing" event, where Toyoda, speaking in Korean, referenced their earlier private meeting in Japan and hinted at future partnership opportunities.
Industry observers suggest the racing collaboration could pave the way for broader cooperation in EVs and hydrogen technology, areas where both companies have significant investments. The two automakers currently dominate the global hydrogen fuel cell vehicle (FCV) market, with Hyundai and Toyota reporting 4,881 and 3,678 units sold respectively between January and November 2023, according to SNE Research.
The potential alliance comes as both automakers face challenges in expanding their FCV market presence and could leverage their combined technological expertise to improve infrastructure and reduce costs. The partnership would unite two automotive dynasties known for their racing heritage, with both Toyoda (racing under the pseudonym Morizo Kinoshita) and Chung being active supporters of motorsport initiatives.
