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Business Hyundai and Shell Sign New Agreement to Expand Collaborations on Clean Energy Solutions
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SEOUL, March 18, 2021 – Hyundai Motor Company today signed a new five-year Global Business Cooperation Agreement with Royal Dutch Shell plc, the international energy company known as Shell — but this time with a clean mobility twist. The signing ceremony was held online at Hyundai Motorstudio Goyang, Korea.
“This time around we will join forces to drive positive change with clean mobility solutions that benefit all,” said Un Soo Kim, Senior Vice President and Head of Global Operations Division of Hyundai Motor Company. “With Shell, we will be securing our competitiveness within the automotive industry, continuing our transition as a smart mobility solution provider.”
The agreement, which runs through 2026, marks the fourth extension of the partnership, but this time with a new focus on clean energy and carbon reduction in proactive response to market changes.
The new agreement finds Hyundai looking to increase eco-friendly production and continue its transformation as a Smart Mobility Solution Provider. Shell will also expand its role in providing Hyundai with cleaner mobility solutions.
“Accelerating the mobility sector to net zero will require collaborative pioneers willing to act now and establish the alignments needed to deliver a cleaner energy future,” said Carlos Maurer, Executive Vice President of Shell’s Global Commercial Business. “We believe we can best enhance Hyundai’s customer service experiences by tapping our EV charging expertise and our deep insights gathered from daily interactions with motorists at our 46,000 retail sites globally.”
The partnership will undertake cooperative projects that reflect this new direction, including a plan to establish new type of service channels specialized for mobility service providers, primarily in Asia. Both companies will also discuss cooperation schemes for energy supply business, such as EV and FCEV charging services.
At the heart of Hyundai and Shell’s wide-ranging relationship is a mutual commitment to leverage technology to deliver the energy transition. The global cooperation agreement also maintains Hyundai’s recommendation for Shell lubricants across its global aftermarket network. The two companies run joint R&D programs including for the first-fill lubricants to meet Hyundai’s specific engine requirements, which could extend for collaboration on e-Fluids development for EVs.
Shell, the No. 1 lubricants supplier globally for fourteen consecutive years, also continues to work with Hyundai Motorsport in the FIA World Rally Championship (WRC) competition — a proving ground for development of advanced lubricants — as the Hyundai Shell MOBIS World Rally team goes for a second consecutive victory.
