According to foreign media reports, Hyundai Motor and Kia Motors have signed a Memorandum of Understanding (MOU) with the Indian Institute of Technology (IIT), and the two companies will establish a Hyundai Center of Excellence in the local area.
The Indian Institute of Technology was established in 1950.
It consists of 23 engineering and technical colleges in India.
It is affiliated to the Ministry of Education of the Indian Government and is governed by the Institute of Technology Act passed in 1961.
, The three universities participating in the cooperation are IIT Delhi, IIT Bombay and IIT Madras.
Hyundai and Kia will establish a Hyundai Innovation Center with these universities to jointly study batteries and electrification.
The two companies plan to invest approximately 10 billion won (approximately US$7.
13 million) over five years starting in 2025, and will expand the scope of cooperation in the future to include software and hydrogen fuel cell development.
Photo source: Hyundai Motor, Hyundai Innovation Center is a unique industry-university cooperation model in India, based on a center of excellence.
It is reported that the Center of Excellence is a dedicated research laboratory of the Indian Institute of Technology and is sponsored and operated by companies and alumni.
Currently, the Indian Institute of Technology Delhi has 22 Centers of Excellence.
, Hyundai and Kia will also work closely with CART, India’s only electric vehicle research center at the Indian Institute of Technology Delhi, to help establish an electric vehicle ecosystem in India that is in line with the country’s electric vehicle deployment policies.
, Hyundai Motor India was listed on the Indian stock market in October this year, making it the first overseas entity of Hyundai Motor Group to be listed on a foreign stock exchange.
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