Signs MOU on EV Battery Subscription Services
Hyundai Motor Co. has joined hands with Singapore's top telecommunication company Singtel to promote the future mobility business based on next-generation telecommunication technology.
Hyundai Motor signed a memorandum of understanding (MOU) with Singtel in Singapore to cooperate in smart manufacturing and connectivity for electric vehicle battery subscription services.
Hyundai Motor Group is building an innovation center at the Jurong Innovation Complex in Singapore for completion at the end of 2022. The Hyundai Motor Group Innovation Center in Singapore (HMGICS) is an open innovation lab where researchers and engineers study the overall value chain of the automotive industry from car orders to production, test drive, delivery and repair services.
Based on this agreement, Hyundai Motor is planning to combine Singtel's 5G, IoT, and next-generation information and communication technologies with its expertise in automobile manufacturing to develop new automobile manufacturing methods.
Hyundai Motor and Singtel are also planning to build IoT communication solutions for charging electric vehicle batteries in Singapore. Through IoT systems, Hyundai Motor plans to remotely monitor the real-time status and performance of batteries and boost the reliability of electric vehicles.
At the end of 2020, Hyundai Motor Group signed a business agreement on building a power ecosystem in Singapore and discovering new business items using batteries with SP Group, Singapore's largest electricity and gas distribution company. The Korean automotive group is planning to set up an innovative electricity ecosystem from supplying electric vehicles to reusing batteries by partnering with SP Group.
Hyundai Motor Group is cooperating with Singapore Port Authority to build automatic logistics services and promoting academy-industry cooperation with Nanyang Technological University for future new businesses.