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    A005380   KR7005380001


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207500 KRW   +0.48%
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Hyundai Motor Group and Infineon to Incubate Innovative Startups from Singapore and Korea

10/27/2021 | 12:48am EST
  • · Memorandum of Understanding establishes partnership to nurture selected startups for the Southeast Asian market
  • · Collaborative program to also discover future technologies in fields such as smart city and smart factory
  • · Through collaboration, the Group expects to accelerate development of advanced future mobility solutions and revolutionize the future mobility value chain

SEOUL, October 27, 2021 -Hyundai Motor Group (The Group) today announced signing Memorandum of Understanding (MoU) with Infineon Technologies AG to incubate promising startups from Singapore and Korea who are preparing to conduct businesses in Southeast Asia.

The Group launched Hyundai CRADLE Singapore in August 2021 to work with startups in the fields of smart factory, smart city, mobility and logistics. To provide professional support for local startups, the Group decided to partner with Infineon, which launched the Co-Innovation Space in Singapore in 2018.

Through the partnership, Hyundai CRADLE Singapore and Infineon will work together to nurture selected startups from Singapore and Korea to discover innovative technologies for Southeast Asian markets. Infineon will provide technological support and mentoring to develop technologies of selected startups before they go into proof of concept (PoC) projects with the Group.

Hyundai CRADLE is the Group's corporate venturing and open innovation business. It partners with promising global startups, extensively investing to accelerate the development of advanced future technologies that align with the company's long-term strategic direction around mobility services, smart cities and eco-friendly technologies.

"Infineon has been a great partner for Hyundai as a supplier and we are delighted to expand our cooperation by collaborating with innovative startups in Singapore. And, I believe that Hyundai and Infineon's collaboration in sensing new technologies in different fields could bring great opportunities in Southeast Asia." President and Chief Innovation Officer of Hyundai Motor Group, Dr. Youngcho Chi said.

"In an environment of rapid electrification and digitalization, creativity and innovation require collaboration across multiple knowledge domains. Co-innovation is critical to business success," said Dr. Helmut Gassel, Infineon Technologies AG's CMO and member of its management board. "We are thrilled to work together with Hyundai, a global enabler in future technologies. By bringing in our system expertise and industrial background as well as easy-to-integrate semiconductor solutions, we will foster the startup ecosystemand help startups to ride the megatrends for growth."

Through the collaboration, the Group and Infineon will contribute to vitalizing the local economy in Singapore by helping startups enhance their capabilities and establish competitive business models to create a solid start-up ecosystem to lead innovation and act as a future growth engine.

The Group and Infineon, beginning with a program focused on Southeast Asian markets, plans to seek ways to further expand the collaboration in the field of discovering and nurturing outstanding startups globally, going forward.

Hyundai CRADLE's efforts to foster an innovation ecosystem in Singapore is part of the Group's overarching HMGICS initiative. To be completed at the end of 2022, Hyundai Motor Group Innovation Center in Singapore (HMGICS) is an open research and development facility for the Group's future mobility initiatives built in Singapore's Jurong Innovation District (JID). The innovation lab will revolutionize the mobility value chain of the future with innovative technologies and business models.

- End -

About Hyundai Motor Group

Hyundai Motor Group is a global corporation that has created a value chain based on automobiles, steel, and construction and includes logistics, finance, IT and service. With about 250,000 employees worldwide, the Group's automobile brands include Hyundai, Kia and Genesis. Armed with creative thinking, cooperative communication and the will to take on all challenges, the group is working to create a better future for all.

For more information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com

Disclaimer: Hyundai Motor Group believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader.


Hyundai Motor Company published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 04:47:06 UTC.

© Publicnow 2021
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Sales 2021 117 136 B 99,6 B 99,6 B
Net income 2021 5 970 B 5,07 B 5,07 B
Net Debt 2021 69 635 B 59,2 B 59,2 B
P/E ratio 2021 8,66x
Yield 2021 1,97%
Capitalization 43 766 B 37 166 M 37 201 M
EV / Sales 2021 0,97x
EV / Sales 2022 0,89x
Nbr of Employees 70 388
Free-Float 70,9%
Duration : Period :
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Mean consensus BUY
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Last Close Price 207 500,00 KRW
Average target price 295 000,00 KRW
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Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Co-President & Co-Chief Executive Officer
Albert Biermann Co-President & Director
Eon-Tae Ha Co-President & Director
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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