Hyundai Motor Partners with Singapore State-Owned SP Group to "Build Southeast Asia Electrification Ecosystem"

[Asia Economy Reporter Suyeon Woo] Hyundai Motor Group is partnering with Singapore's state-owned enterprise SP Group to promote electric vehicle (EV) adoption and expand infrastructure locally. The strategy aims to build an EV ecosystem in Singapore, a key hub in Southeast Asia, and further expand into EV battery subscription services.

On the 12th, Hyundai Motor Group announced that it recently signed a "Business Agreement for Building Singapore's Electrification Ecosystem and Discovering New Businesses Utilizing Batteries" at SP Group's headquarters in Singapore. The signing ceremony was attended by Jung Hong-beom, Head of Hyundai Motor Group's SF Innovation Center (Executive Director), and Chua Ki Heng, Head of SP Group's Green Energy Division, among others.

Hyundai Motor Group signed an MOU with Singapore's state-owned enterprise SP Group to establish an electrification ecosystem and develop new businesses utilizing batteries. The photo shows Hyundai Motor Group Executive Vice President Jeong Hong-beom (second from the left) and Chua Ki Heng (third from the left), Head of SP Group's Green Energy Division, posing for a commemorative photo after signing the agreement. Photo by Hyundai Motor Group

SP Group is Singapore's largest state-owned electricity and gas distributor, planning to secure over 1,000 electric charging stations in Singapore by the end of this year. Through this agreement, both parties set joint goals including ▲expanding EV adoption and charging infrastructure ▲researching Singapore's electrification policies ▲developing EV battery subscription service businesses ▲establishing a local electrification ecosystem through eco-friendly resource circulation by recycling EV batteries.

Based on this business agreement, the two companies plan to lower the entry barriers for EV purchase costs and develop business models that allow buyers to conveniently use EVs, leading the expansion of EV adoption in Singapore. Hyundai Motor Group will collaborate with SP Group to expand EV charging infrastructure within Singapore and strengthen cooperation to revitalize the early-stage Singapore EV market. The Singapore government has set a plan to convert all vehicles to eco-friendly cars by 2040.

Additionally, Hyundai Motor Group plans to discover new business models such as battery subscription and management services, vehicle battery reuse, and battery recycling that extracts economically valuable metals like lithium, nickel, and cobalt from vehicle batteries.

Center Head Jung said, "For the success of innovation activities through the global innovation center, cooperation with local partners possessing innovation capabilities like SP Group is crucial," adding, "We plan to strengthen cooperation with various local partners through this collaboration." Stanley Huang, CEO of SP Group, stated, "Reducing EV purchase costs and securing charging infrastructure are essential elements to revitalize Singapore's EV market," and added, "Through business cooperation with Hyundai Motor Group, we will contribute to building an innovative electrification ecosystem in Singapore."

Meanwhile, Hyundai Motor Group held a groundbreaking ceremony for the 'Global Innovation Center (HMGICS)' in Singapore last October and announced plans to establish an open innovation base. Centered on HMGICS, the group is expanding local public-private cooperation to build Singapore's innovation ecosystem, including industry-academic cooperation with Nanyang Technological University for future new businesses and business cooperation with the Port of Singapore Authority to establish automated logistics services.

This content was produced with the assistance of AI translation services.