Hyundai Motor Vice Chairman Chung Eui-sun met with Terry Gou, chairman of Foxconn Technology Group, to discuss cooperation on connected car business during his recent visit to China.
According to industry sources on November 15, Chung met with Gou several times during his visit to China from the 7th to 10th. On the 9th, Chung had a meeting with Hu Chunhua, Party Secretary of Guangdong Province, accompanied by Gou. Also, he accompanied Gou to another meeting with Guangzhou Party Secretary Ren Xuefeng and Cisco Systems CEO Chuck Robbins on the same day. Cisco has already agreed to collaborate with Hyundai Motor Group in the connected car sector.
Foxconn, widely known for the biggest outsourcing producer of Apple’s iPhones, has tapped into the organic light-emitting diode (OLED) display market by acquiring Japan’s Sharp in February this year. It has been recently eyeing the auto business by investing heavily into smart car startups and car sharing firms in China.
During his visit, Chung signed a memorandum of understanding (MOU) with Cisco to jointly develop connected cars. Earlier this year, he invited Robbins to the Hyundai Motor headquarters in Yangjae-dong, Seoul, and agreed to form an alliance with Cisco for developing in-vehicle network solutions, a key technology in connected cars that allows high-speed transfer of large amounts of data, and security technology in April.