Hyundai seeks shared growth with suppliers through R&D festivalMadeinkoreablog
Hyundai Motor, Korea’s largest automaker, is looking to pursue shared growth with its suppliers and partners through its annual R&D tech festival, taking place at the company’s Namyang R&D Center until Saturday.
The event, which kicked off Wednesday at the center in Hwaseong, Gyeonggi Province, is a forum for showcasing, analyzing and sharing insights on the latest auto component technologies and trends in the automobile industry, according to Hyundai.
A total of 45 new auto technologies — including 22 patented technologies developed for the first time internationally by Hyundai’s primary and secondary suppliers — are on display at the center until Thursday.
Some examples include the world’s most compact and energy-efficient LED head lamp developed by SL Corporation, a local auto parts manufacturer, in partnership with Hyundai.
Hyundai is also featuring close to 100 vehicles, some which have been partially disassembled or sliced to display the cars’ engines and interior, as part of its annual R&D Motor Show.
At the show, visitors can experience the latest developments in self-driving technology including an automated emergency braking system as well as advanced automated parking and driving assist systems.
The automaker is bringing together its supplier companies in an R&D seminar as well to discuss recent auto tech trends and recognize those which have successfully developed standout technologies as part of the festival.
“Recognizing that shared growth with our component manufacturers is the key to the success of our business, Hyundai has been working to support the growth of our partners’ businesses globally,” said an official from the company’s R&D department.
Hyundai said it has been working to support its partners by offering business consulting, handing out incentives for new cutting-edge technologies and providing organized data on global car trends and related tech patents.
“As a result of our ongoing efforts, we have managed to drive up our direct supplier firms’ average sales by 10.2 percent annually,” the Hyundai official said.