SINGAPORE – Hyundai Motor Group signed three memorandums of understanding (MOUs) with Singapore institutions at the opening of Hyundai Motor Group Innovation Centre Singapore (HMGICS), its first-of-its-kind vehicle assembly and research facility in Jurong Innovation District, on Nov 21.
First, it is collaborating with Nanyang Technological University and the Agency for Science, Technology and Research (A*Star) to create a Corporate Lab to “accelerate innovations in and the adoption of new technologies to create a collaborative future mobility ecosystem in Singapore”.
Second, it will work with the Singapore Business Federation and Singapore Manufacturing Federation to enable small and medium-sized enterprises here to co-develop advanced manufacturing solutions.
The Straits Times understands that HMGICS is looking to ultimately source some components from local automotive suppliers for vehicles assembled here.
Currently, the Ioniq 5 electric vehicle is put together with parts shipped in from South Korea and Indonesia.
Third, Hyundai Motor Group also signed an MOU with PTC Logistics, Singapore’s largest logistics service provider, to establish a renewable hydrogen energy ecosystem in Singapore.
In this agreement, HMGICS will serve as an innovation hub to support Singapore in its goal to achieve 50 per cent hydrogen usage in generating power by 2050. Hydrogen derived from renewable sources is seen to be a low-carbon alternative to fossil fuels such as coal and natural gas.
Economic Development Board chairman Png Cheong Boon said Singapore has strong research and development (R&D) and innovation capabilities in various domains, from advanced manufacturing to healthcare to digital economy.
“We also have a vibrant start-up ecosystem comprising more than 4,000 tech start-ups, 400 venture capital and private equity firms, and 200 incubators, accelerators and venture builders,” Mr Png said, adding that the Republic is connected to 21 innovation and start-up hubs globally.
“Many multinational corporations partner our universities and A*Star research institutes on R&D projects, set up joint corporate research labs with them, or undertake R&D and innovation on their own,” the chairman noted.
Mr Png said automotive-related companies present in Singapore include BorgWarner, Continental, Aptiv and Motional, which are “part of our growing automotive ecosystem that contributes towards the technologies and solutions that enable vehicles to be more electrified, connected and autonomous”.
“We look forward to the new innovations HMGICS will bring in advanced manufacturing, as well as the strong partnerships HMGICS will forge with our automotive ecosystem,” he added.
