Hyundai Motor Signs MOU with China International Finance Investment Corporation to Boost Commercial Business in China

[Asia Economy Reporter Yoo Hyun-seok] Hyundai Motor Company is launching a full-scale attack on the Chinese eco-friendly commercial vehicle market.

On the 8th (local time), Hyundai Motor announced that it signed an MOU with CCM (CICC Capital Management department), a subsidiary of CICC (China International Capital Corporation), the top international financial investment company in China, at the Beijing Wangjing Hyatt Regency Hotel in Beijing, China, to activate its commercial business in China.

The signing ceremony was attended by Lee Hyuk-jun, Executive Director of Hyundai Motor Group China Limited (HMGC), Hyundai Motor Group’s holding company in China, and Xu Zhongchao, General Manager of CCM.

This agreement was signed to accelerate the electrification transition of Hyundai’s commercial business, promote sales of eco-friendly products, and secure a foundation for future businesses such as autonomous driving by utilizing the extensive investment network of CICC and its subsidiary CCM, which have Chinese and global business sites and are the top international financial investment companies in China.

Currently, the Chinese commercial vehicle market is rapidly shifting from internal combustion engine vehicles to eco-friendly and smart vehicles in connection with the Chinese government’s carbon neutrality and other eco-friendly policies.

Hyundai plans to use this agreement as a stepping stone to respond to the rapidly changing market and proactively secure demand from the Chinese government and companies.

Specifically, Hyundai will be responsible for research and development, production, and dealer operations of eco-friendly commercial vehicles based on its commercial vehicle manufacturing plant and research and development (R&D) center located in Sichuan Province, China. CICC and CCM will promote multifaceted cooperation, including establishing new sales channels through the formation of funds with various institutions such as the Chinese government, state-owned enterprises, and large logistics companies.

The two companies also plan to proceed with a share transaction contract to enhance responsible collaboration and mutual trust, with specific details to be agreed upon through practical discussions between the two parties within this year.

Additionally, Hyundai plans to accelerate securing the Chinese commercial vehicle market by introducing hydrogen electric trucks equipped with fuel cell systems from ‘HTWO Guangzhou,’ the first overseas hydrogen fuel cell production corporation established by Hyundai Motor Group, and proactively building a hydrogen brand image.

A Hyundai Motor official said, “This agreement will be a driving force to respond to the rapidly changing market centered on eco-friendly vehicles and diverse customer demands,” adding, “We will continue to consider multifaceted cooperation with competitive partners to fully target the Chinese commercial business.”

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