Hyundai to increase investments in Israeli future mobility startups

SEOUL, July 15 (Yonhap) -- Hyundai Motor Group, South Korea's largest carmaker, said Monday it will increase investments in Israeli startups as it seeks to develop future mobility technologies.

In a meeting with Israeli President Reuven Rivlin at Hyundai's R&D center in Hwaseong, just south of Seoul, the carmaker's Executive Vice Chairman Chung Eui-sun said the group plans to expand cooperation for startups and to apply technologies it has jointly developed with Israeli firms to mass-production vehicles.

Rivlin discussed with Chung further cooperation between Hyundai and Israeli companies in next-generation vehicle knowhow after test-driving the carmaker's Nexo hydrogen fuel-cell electric car at the R&D center, the company said in a statement.

The Israeli leader said Hyundai's partnerships with startups are just the beginning of bigger opportunities that can benefit all sides going forward.

Hyundai has invested in Israeli startups, such as artificial intelligence firms Alegro.AI and MDGo, since last year to secure a competitive edge in future mobility.

kyongae.choi@yna.co.kr
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