Hyundai, Shell sign 5-year partnership extension with a clean mobility twist
Hyundai Motor Company, the parent company of the Kia, Hyundai, and Genesis brands, has signed a five-year extension to its partnership with Royal Dutch Shell plc. The Global Business Cooperation Agreement allows the companies to continue their existing agreement, which has seen Shell provide engine oil products to the car company's global customers since 2005 and resulted in joint marketing opportunities.
The extension of the agreement, the fourth of its nature, includes a new section, marking a new endeavor for the companies. The agreement has a new focus on clean energy and carbon reduction, a shift that fits with the future of Hyundai vehicles and overall market changes.
"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 will also look at undertaking new cooperative projects that reflect the new direction of the companies. This includes establishing a new type of service for mobility providers, primarily in Asia. According to a release, both companies will also discuss cooperations schemes for energy supply business, such as EV and FCEV charging services.
"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 two companies run join research and development activities 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 has been the top lubricants supplier in the global market for 14 consecutive years.