Toyota and Hyundai chairmen team up to host a rare race event.

Toyota Motor Corp.’s Akio Toyoda and Hyundai Motor Group’s Euisun Chung attended a vibrant racing festival in Yong-in, South Korea, over the weekend. The event also welcomed Samsung Electronics’ Jay Y. Lee and Hankook & Company’s Hyunbum Cho, who engaged in discussions with the two automotive leaders.

Showcasing Future Mobility

The festival highlighted an array of future-oriented rally cars and hydrogen-powered vehicles from both automakers. Toyoda emphasized the collaboration, stating, “Toyota and Hyundai are joining hands to create a better society and shape the future of mobility.” He noted a shared passion for racing between him and Chung.

Competition in the EV Landscape

As the top three automakers globally, Toyota and Hyundai are navigating fierce competition in the electric vehicle sector, particularly against Tesla and Chinese manufacturers like BYD. Both companies advocate for hydrogen-powered vehicles as part of their commitment to carbon neutrality.

Potential for Future Collaborations

This festival marked a significant collaboration for the two giants, paving the way for potential future partnerships. Recent announcements also revealed plans for developing AI-driven humanoid robots, showcasing an innovative approach to shared technological advancements in the automotive industry.