Hyundai Motor will invest over USD $100m in the construction of a new R&D centre in Israel.
Last week, Hyundai Executive VP of Innovation Dr. Youngcho Chi met with Israel’s Minister of Economy and Industry, Eli Cohen, and informed him of the company’s decision. The new centre will serve as a hub for the company’s business in Israel while scoping out and adopting local technologies, investments, and potential coöperation with Israeli artups. Dr. Youngcho says Hyundai are heavily interested in Israeli automotive innovation, especially in AV technology.
This past September, Hyundai signed a Memorandum of Understanding with Technion Israel Institute of Technology and the Korea Institute of Science and Technology for joint research and development projects on mobility technology
The R-N-M alliance and GM already have R&D centres in Israel, and Daimler have announced plans for one as well.
