Seoul: Hyundai Motor Group announced on Monday that it has entered into a strategic joint development agreement with Japan's Toray Group to co-develop advanced materials and components aimed at future mobility solutions. The collaboration will encompass the entire process, from research and development to production and commercialization, focusing on advanced composite materials.

According to Yonhap News Agency, Hyundai will handle vehicle-level design, performance evaluations, and suitability assessments of these advanced materials and components for both high-performance and special-purpose vehicles. Meanwhile, Toray, renowned for its expertise in carbon fiber technologies, will concentrate on developing intermediate materials and molded products.

"The agreement marks a significant step forward in advancing the partnership established last year. Leveraging Toray's unique material technologies and extensive expertise, we will collaborate closely with Hyundai Motor Group to create innovative composite solutions essential for next-generation mobility," stated Miki Terada, general manager of the Advanced Composites Division at Toray Group.

This partnership builds on an initial agreement signed in April of the previous year, where both companies committed to developing high-performance composite materials like carbon fiber-reinforced plastic (CFRP) to boost safety and performance in mobility applications.