The automotive industry is currently facing significant challenges, pushing many manufacturers to seek collaboration opportunities. Hyundai recently signed a memorandum of understanding with General Motors to co-develop and build vehicles, signaling that the brand is still exploring partnerships. Recent reports suggest that a potential Toyota and Hyundai Partnership could be in the works, according to sources cited by The Korea Economic Daily.
The two companies are expected to meet in late October when Toyota Chairman Akio Toyoda visits Seoul. This meeting, arranged at the invitation of Hyundai Chairman Euisun Chung, could pave the way for discussions on a Toyota and Hyundai Partnership. Sources indicate that Chung had expressed interest in meeting earlier this year, and Toyoda accepted the proposal. The meeting is scheduled for October 25, following Toyoda’s arrival on October 24. The chairman’s three-day visit is being coordinated by Toyota’s Korean division, with Toyoda expected to return to Japan on October 26.
While the specific agenda of the meeting remains under wraps, there is speculation that hydrogen vehicles will be a primary topic of conversation. The Korea Economic Daily reports that a Toyota and Hyundai Partnership could focus on accelerating the development of fuel cell vehicles and creating a broader “hydrogen ecosystem.” This could potentially include hydrogen refueling infrastructure, which is essential for the success of hydrogen-powered vehicles. According to a study by Interact Analysis, there were just over 1,000 hydrogen refueling stations worldwide by the end of 2023, highlighting the need for further development in this area.
Toyota has already established a partnership with BMW to advance hydrogen technology. The two automakers have been collaborating for several years, with BMW’s iX5 hydrogen SUVs using Toyota-supplied fuel cells. BMW plans to launch its first hydrogen production model by 2028, signaling a deeper partnership with Toyota. Both companies are working on next-generation fuel cell technology and are actively seeking partners to expand hydrogen refueling infrastructure. Toyota’s Mirai, a hydrogen-powered sedan, has been on the market since 2014, but demand has been weak. Toyota’s Chief Technology Officer Hiroki Nakajima acknowledged that the Mirai “hasn’t been a success” due to the difficulties in establishing a refueling network.
Similarly, Hyundai’s Nexo hydrogen crossover has not achieved significant commercial success. Despite this, Hyundai has confirmed that a second-generation Nexo will launch in mid-2025. Additionally, the brand recently announced that the much-anticipated N Vision 74 sports car will enter production, signaling Hyundai’s continued commitment to hydrogen technology.
If a Toyota and Hyundai Partnership comes to fruition, it could have a profound impact on the future of hydrogen vehicles, given that Toyota is the world’s largest automaker by global sales and Hyundai ranks as the third-largest, including its Kia and Genesis brands. While it is too early to predict whether the two automotive giants will formalize an agreement, such a collaboration could push hydrogen vehicle development forward and potentially extend into other areas of the industry. The next steps in this possible Toyota and Hyundai Partnership will be closely watched, as they could shape the future of automotive innovation.
