Hyundai Motor Company and Export-Import Bank Sign MOU for Future Mobility Industry Finance Cooperation

Hyundai Motor Receives 3 Trillion KRW Support from Export-Import Bank... Securing Business Capabilities and Fostering Small and Medium-Sized Partner Companies

[Asia Economy Reporter Yu Je-hoon] Hyundai Motor Company announced on the 1st that it signed a 'Memorandum of Understanding (MOU) for Industrial Finance Cooperation Program for the Globalization of the Future Mobility Industry' with the Export-Import Bank of Korea at the Export-Import Bank headquarters in Yeongdeungpo-gu, Seoul.

This agreement was made to strengthen Hyundai Motor's future mobility business capabilities and to secure overseas markets. Taking this opportunity, Hyundai Motor will receive financial support worth 3 trillion KRW from the Export-Import Bank by 2023 for its future mobility business sector.

Hyundai Motor plans to utilize this financing for research and development to secure core future mobility technologies, domestic and overseas facility investments, mergers and acquisitions (M&A), and will also invest in nurturing small and medium-sized partner companies to create an ecosystem for the future mobility industry.

Visit Bank President Bang Moon-kyu stated, "Through the Export-Import Bank's financial support cooperation program, Hyundai Motor will play a role in dominating the future mobility market," and Hyundai Motor CEO Jang Jae-hoon said, "This agreement will serve as a stepping stone to accelerate Hyundai Motor's successful transition into a smart mobility solutions company."

Meanwhile, Hyundai Motor held a 'CEO Investor Day' last December and announced plans to invest 23.5 trillion KRW by 2025 to secure future business capabilities. By sector, the investments include 10.8 trillion KRW for electrification, 4.1 trillion KRW for hydrogen business, 1.6 trillion KRW for autonomous driving, 1.2 trillion KRW for mobility services and platforms, 1 trillion KRW for connectivity, and 4.8 trillion KRW for urban air mobility (UAM), robotics, and artificial intelligence.

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