Hyundai Motor Group is initiating the development of advanced composite materials for future mobility in collaboration with Kolon Group.
Hyundai Motor Company and Kia announced on the 3rd that they have signed a 'strategic future mobility materials business partnership' with Kolon Group. Hyundai Motor Company and Kia will invest in Kolon Spaceworks, a subsidiary of Kolon Group specializing in advanced composite materials, and aim to actively utilize the company's mobility materials technology and production capabilities.
Kolon Spaceworks is a newly established company launched last July, centered around Kolon Deck Composites, a specialist in composite materials for aerospace and defense, incorporating Kolon Glotech's lightweight vehicle parts, bulletproof special materials, hydrogen tank business, and the lightweight materials sector for vehicle batteries of KOLON ENP. Hyundai Motor Company and Kia secured an 11% equity stake in Kolon Spaceworks with a total investment of 20 billion won.
Both groups are specifically embarking on joint research and development to improve the performance of hydrogen storage container materials and battery covers, and plan to respond together to global eco-friendly regulations, such as the European Union's End-of-Life Vehicles (ELV) regulation. Additionally, Hyundai Motor Company and Kia noted they will expand technological exchanges with Kolon Spaceworks to establish a virtuous growth structure.
They will also enhance the 'unpainted composite molding technology,' which is currently applied to the electrification business platform 'ST1,' developed in collaboration with Kolon Spaceworks. This next-generation manufacturing technique allows vehicle exterior parts to be produced using plastic composites without a separate painting process. Future application in Kia models is under review. Furthermore, they plan to secure a virtuous growth structure through expanded technological exchanges with Kolon Spaceworks.
Yang Heewon, Deputy Minister of R&D at Hyundai Motor Company and Kia, stated, 'With the shift in the paradigm of the automobile industry, the trend of applying eco-friendly materials is expanding,' and added, 'We will proactively develop various composite materials for vehicles through cooperation with Kolon Spaceworks and enhance our business competitiveness through technological innovation.'
Lee Kyuhho, vice chairman of Kolon Group, said, 'I hope that the combination of Kolon's high material technology and the smart mobility capabilities of Hyundai Motor Company and Kia, which lead the global automobile industry, will serve as an opportunity to elevate the global competitiveness of the national industry.'