Hyundai, Audi announce partnership in fuel cell technology

Hyundai Motor Group (HYMTF) and AUDI AG (AUDVF) announced they have entered into a multi-year patent cross-licensing agreement, covering a broad range of fuel cell electric vehicle components and technologies. Under the new partnership, the world's fifth-largest auto-making group and the German premium car maker will make joint efforts in developing FCEVs, to lead the automotive industry to a more sustainable future. The cross-license agreement has been signed between Hyundai Motor Company - the Group's flagship car-making unit - and Audi but also covers and benefits both companies' affiliates, including but not limited to Kia Motors Corporation and Audi's parent company Volkswagen AG (VLKAY). Hyundai and Audi, as well as their affiliates will equally share the patent licenses over the years to come. The duration of the agreement has not been disclosed. The agreement also includes mutual access to fuel cell components. As a first step, Hyundai Motor Group will grant its counterpart the access to parts that are based on Hyundai's know-how accumulated from the development of ix35 Fuel Cell as well as NEXO. Audi - responsible for the development of fuel cell technology within the Volkswagen Group - will also be able to take full advantage of Hyundai's FCEV parts supply chain. Hyundai Motor Company, the world's first mass-producer of fuel cell vehicles, has been offering SUV-Class FCEVs since 2013, and currently sells them in 18 countries around the world.

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