H-OnDream Startup Ground

Hyundai Motor and the Chung Mong Koo Foundation held the final day ceremony of H-OnDream Startup Ground on November 22, Seoul. For about 11 years from 2012 to this year, the foundation has been running Ground, a project to nurture social economy enterprises and impact startups. Since last year, the foundation has supported market verification of startups from preliminary founders to the third year of incorporation, accelerated the growth of startups with annual sales of over 100 million won, and supported projects to solve environmental problems. The foundation has fostered 294 startups and created 5,195 jobs by September this year through the project. This year, a total of 28 teams were selected and subsidies of 20 million won, 40 million won, and 50 million won were provided for each field. The selected teams achieved sales of KRW 6.32 billion ﹦ Attracted investment worth KRW 4.96 billion ﹦ Created 79 new jobs ﹦ Signed 55 MOUs and 28 contracts ﹦ Applied 33 patents ﹦ Won 16 cases in various competitions. 

Hyundaiu Motor signs a MOU for battery supply in North America

On November 29, Hyundai Motor Group and SK On signed a memorandum of understanding (MOU) for cooperation in supplying electric vehicle batteries to North America. The two sides have decided to pursue a plan to supply SK On batteries to Hyundai Motor Group’s electric vehicle factories in the US after 2025, and will discuss specific issues such as ﹦supply quantity ﹦type of cooperation ﹦supply timing.  Kim Heung-soo, vice president of Hyundai Motor, said, “This agreement on battery supply in North America will help us accelerate our advance into the electric vehicle market.” Choi Young-chan, head of management support at SK On, said “We expect that cooperation between the two companies will create a great synergy effect. We will be able to take a firm position in the process of electrification in the North American automobile market.”