Hyundai Mobis Accelerates ‘Open Innovation’ in Cooperation With MIT

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- First Korean automotive supplier to join the program to lay the groundwork for cooperation with 1,700 MIT startups

- Expected to boost development of convergence technologies for future cars such as healthcare, ICT, and advanced materials

SEOUL, South Korea--(BUSINESS WIRE)-- Hyundai Mobis (KRX: 012330) embarks on the road to open innovation in the field of new technology for future cars by cooperating with the Massachusetts Institute of Technology (MIT), USA.

The MIT Industrial Liaison Program (ILP) joined by Hyundai Mobis boasts world-class caliber for its portfolios of core technologies with an annual patent-derived income of KRW 50 billion and a strong network of over 1,700 alumni startups. It is best known for its leading-edge competency in commercializing advanced concept technologies.

Global companies such as Hyundai Motor Company, BMW, Samsung, LG, Honda, and Denso are currently participating in this program, and now Hyundai Mobis has become the first mover among the Korean automotive suppliers to join.

“As the paradigm for automotive technology is shifting rapidly to ICT, there is a speed battle forming where companies seek the early acquisition of new technologies,” said an official at Hyundai Mobis. “We’re planning to accelerate the development of future convergence technology by combining MIT’s core technology and Hyundai Mobis’s vehicle system technology skills.”

MIT research labs are equipped with a diverse range of portfolios of multidisciplinary core technologies. Accordingly, it is expected to contribute to developing convergence technology for future cars such as ICT, healthcare, and new materials. Hyundai Mobis plans to quickly apply the cutting-edge technologies of startups to its vehicle systems through the startup matching provided by MIT.

Hyundai Mobis expects to further accelerate its initiative open innovation through these cooperative activities. It has a dedicated organization for open innovation in Korea and an open innovation center called ‘M.Cube’ in Silicon Valley, USA and is developing prospective global startups and promoting cooperation with global ICT companies.