Hyundai And Shell Expand Collaborations On Clean Energy Solutions
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Hyundai Motor Company has signed a new five-year Global Business Cooperation Agreement with Shell. The signing ceremony was held online at Hyundai Motorstudio Goyang, Korea. The agreement, which runs through 2026, marks the fourth extension of the partnership, but this time with a new focus on clean energy and carbon reduction in proactive response to market changes.
The partnership will undertake cooperative projects that reflect this new direction, including a plan to establish new type of service channels specialized for mobility service providers, primarily in Asia. Both companies will also discuss cooperation schemes for energy supply business, such as EV and FCEV charging services.
Un Soo Kim, Senior Vice President and Head of Global Operations Division of Hyundai Motor Company, said, “With Shell, we will be securing our competitiveness within the automotive industry, continuing our transition as a smart mobility solution provider.”
The global cooperation agreement also maintains Hyundai’s recommendation for Shell lubricants across its global aftermarket network. The two companies run joint R&D programs including for the first-fill lubricants to meet Hyundai’s specific engine requirements, which could extend for collaboration on e-Fluids development for EVs.
Questions & Answers
Q.What is the primary new focus of this extended partnership between Hyundai and Shell?
What is the primary new focus of this extended partnership between Hyundai and Shell?
The new agreement focuses on clean energy and carbon reduction. This new direction is a proactive response to current market changes, moving beyond previous collaborations.
Q.What specific types of new service channels will the partnership establish?
What specific types of new service channels will the partnership establish?
The companies plan to establish new types of service channels specifically for mobility service providers. These channels will primarily be located in Asia to serve the growing market there.
Q.What energy supply business areas will Hyundai and Shell be discussing?
What energy supply business areas will Hyundai and Shell be discussing?
They will discuss cooperation schemes for energy supply, specifically focusing on EV (electric vehicle) and FCEV (fuel cell electric vehicle) charging services. This reflects their commitment to clean energy solutions.
Q.How does the agreement continue to involve lubricants for Hyundai vehicles?
How does the agreement continue to involve lubricants for Hyundai vehicles?
The agreement maintains Hyundai's recommendation for Shell lubricants across its global aftermarket network. They also run joint R&D programs for first-fill lubricants and may extend this to e-Fluids for EVs.
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