Hyundai Motor President and CEO Chang Jae-hoon, center, poses with Toray Industries Chairman Akihiro Nikkaku, third from left, after signing a strategic partnership on co-developing materials for future mobility, at the former'a headquarters in Seoul, Thursday. Courtesy of Hyundai Motor Group

Hyundai Motor Group has forged a partnership with Toray Industries to co-develop materials used for future mobility – such as carbon fiber-reinforced plastic – in a strategic move to strengthen vehicle performance and safety, the company said Thursday.

Toray Industries is renowned for its tech expertise in producing carbon fiber composite materials. The company is the world's leader in carbon fiber, a material widely adopted in advanced industries – such as automotive and aviation – due to multiple upsides including the fact that it is lightweight, strong and possesses heat resistance properties.

"Hyundai Motor Group aims to leverage this strategic partnership to strengthen its position as a global leader in mobility solutions," Hyundai Motor Group President Song Chang-hyeon said. "By combining our automotive expertise with Toray Group's material technology prowess, we aim to become the first mover and gain a competitive edge in the global market."

Toray Industries also pledged to level up the partnership amid the era of electric vehicles (EV).

"Toray Industries has developed innovative technology and materials focusing on electrification and sustainability to address the needs of customers in the constantly evolving automotive industry," Toray Industries President Mitsuo Ohya said. "We are happy to partner with Hyundai Motor Group to continue this innovation."

Toray Industries Chairman Akihiro Nikkaku and Toray Advanced Materials Korea Chairman Lee Young-kwan also attended the partnership ceremony. They pledged to deepen their bilateral relations for joint research and development and build a longer-term partnership. Toray specializes in fibers and textiles, performance chemicals, carbon fiber composite materials, environmental engineering and life science.

Hyundai Motor said the partnership comes with huge significance, as the automaker stands at a crucial juncture for its transition into an eco-friendly future mobility solutions provider.

"The partnership with Toray Group plays a key role in the group's future mobility strategy," an official from the company said. "Hyundai Motor Group is adopting a comprehensive approach by pursuing fundamental advancements in material technology, in addition to electrification and software-defined vehicles (SDVs)."