Hyundai Motor Group (the Group) announced a strategic partnership with the Israel Innovation Authority during EcoMotion Week 2023, reflecting the auto giant’s persistent push towards open innovation. The collaboration was formalized through a memorandum of understanding (MoU), signed in Tel Aviv at the 11th annual event.
The signing ceremony was overseen by Heung-soo Kim, the Group’s Executive Vice President and Head of the Global Strategy Office (GSO), and Dr. Amiram Appelbaum, Chairman of Israel Innovation Authority. Their collaboration will focus on identifying and fostering innovative Israeli startups that can work alongside the Group to shape the future of mobility.
Established in November 2022, the GSO has been instrumental in driving the Group’s transformation into a comprehensive mobility solutions provider. The office sets strategic directions for the Group’s exploration of futuristic mobility options, including electric vehicles, advanced air mobility, robotics, purpose-built vehicles, and software-defined vehicles.
During his keynote speech at EcoMotion Week, Kim detailed the Group’s future mobility strategy, highlighting the role of HYUNDAI CRADLE Tel Aviv as a focal point for innovation activities. Launched in 2018, this global innovation center acts as a hub for strategic investments and collaborations.
In addition to Tel Aviv, HYUNDAI CRADLE operates innovation centers in Silicon Valley, Berlin, Beijing, and Singapore. Through its regional operations, it facilitates a sustainable mobility ecosystem, identifying promising startups that complement local technological strengths.
In Israel, the Group has already demonstrated its commitment to open innovation through various strategic partnerships. One notable collaboration includes a $5 million investment in Autotalks, an Israel-based tech company specializing in vehicle-to-everything (V2X) chipsets.
Speaking on the occasion, Kim said, “Hyundai Motor Group has achieved tangible results through decade-long collaborations with Israeli companies, fostering innovative projects. Moving forward, we are committed to advancing open innovation and establishing even closer partnerships to jointly develop our future technologies.”
Established by the Israeli government in 2013, EcoMotion has grown to become a significant player in the mobility sector. With over 600 members, EcoMotion Week is now the largest startup event in Israel, providing an ideal platform for forging strategic alliances like this.
