Press release

Hyundai Mobis Accelerates ‘Open Innovation’ in Cooperation With MIT

Sponsored by Businesswire

(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.