Hyundai Motor Company has signed a new five-year Global Business Cooperation Agreement with Shell. The signing ceremony was held online at Hyundai Motorstudio Goyang, Korea. The agreement, which runs through 2026, marks the fourth extension of the partnership, but this time with a new focus on clean energy and carbon reduction in proactive response to market changes.
The partnership will undertake cooperative projects that reflect this new direction, including a plan to establish new type of service channels specialized for mobility service providers, primarily in Asia. Both companies will also discuss cooperation schemes for energy supply business, such as EV and FCEV charging services.
Un Soo Kim, Senior Vice President and Head of Global Operations Division of Hyundai Motor Company, said, “With Shell, we will be securing our competitiveness within the automotive industry, continuing our transition as a smart mobility solution provider.”
The global cooperation agreement also maintains Hyundai’s recommendation for Shell lubricants across its global aftermarket network. The two companies run joint R&D programs including for the first-fill lubricants to meet Hyundai’s specific engine requirements, which could extend for collaboration on e-Fluids development for EVs.