In Partnership with SP Group of Singapore
Hyundai Motor Group has started to build an ecosystem for electric vehicles (EVs) in Singapore.
The group announced on Nov. 12 that it has signed a business agreement with SP Group in Singapore to build an electrification ecosystem in Singapore and develop new businesses using batteries. SP Group is Singapore's largest state-run electricity and gas distributor and plans to install more than 1,000 charging stations for electric vehicles by the end of this year.
The two companies will also conduct a joint study on the Singaporean government's electrification policy to transform all cars into eco-friendly ones by 2040.
They also agreed to prepare battery subscription and management services. They are planning to launch a battery reuse business to use batteries that cannot used for vehicles any longer for other purposes such as energy storage systems (ESSs), a battery recycling business to extract metals of economic value such as lithium, nickel and cobalt from batteries.
Hyundai Motor Group started building the Hyundai Mobility Global Innovation Center in Singapore (HMGICS) in October. The center is a base for research and development on the entire life cycle of a car from order intake to production, test driving, delivery and services. Hyundai Motor Group is planning to establish a small-scale electric vehicle production system within the HMGICS to use it as a test bed for an intelligent manufacturing platform.