Hyundai·Kia Motors Sign MOU to Promote Traffic Big Data Linked Services

[Asia Economy Reporter Kiho Sung] Hyundai and Kia Motors are joining forces with public institutions and financial companies to revitalize the mobility ecosystem based on commercial vehicle big data.

On the 17th, Hyundai and Kia Motors announced that they signed a Memorandum of Understanding (MOU) for the promotion of traffic big data linkage services together with the Korea Transportation Safety Authority, Hyundai Commercial, and KB Insurance.

The MOU signing ceremony, held on the 16th at the Korea Transportation Safety Authority conference room in Seocho-gu, Seoul, was attended by key officials including Kyungsoo Cho, Director of Traffic Safety at the Korea Transportation Safety Authority; Oryung Kwon, Head of Mobility Platform Business at Hyundai and Kia Motors; Minki Kim, Head of Auto Insurance at KB Insurance; and Dongwon Lee, Head of Commercial Planning at Hyundai Commercial.

The purpose of this MOU is to contribute to the stable business operation of commercial vehicle drivers based on traffic big data and to reduce social costs by spreading a culture of safe driving.

Hyundai and Kia Motors will collect vehicle operation data through their self-developed next-generation digital tachograph (DTG) devices and vehicle data platform and provide this data to the Korea Transportation Safety Authority.

Hyundai Commercial and KB Insurance will develop products such as usage-based insurance (UBI) offering premium discounts based on drivers' driving behavior, and loan products that adjust credit limits and interest rates based on the data.

The DTG is a device that records and stores all information related to vehicle operation in real time, including driving speed, acceleration and deceleration, and sudden braking. According to the Road Traffic Act, commercial buses and freight vehicles (over 1 ton) are required to be equipped with DTG devices.

Hyundai and Kia Motors plan to continue contributing to the activation of the mobility service ecosystem and accelerate their transformation into a smart mobility solutions company by providing commercial vehicle operation data to various businesses such as financial companies and logistics solution providers.

A Hyundai and Kia Motors official stated, “We will continue to promote cooperation with various businesses including financial companies and logistics solution providers based on our mobility platform capabilities,” adding, “We will continuously strive to enhance the value of the mobility solutions provided by Hyundai and Kia Motors.”

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