On Wednesday, South Korea’s top carmakers, Hyundai Motor Co. and Kia Corp., announced they had reached an agreement with the German semiconductor company Infineon Technologies AG. The deal is intended to secure the supply chain of power semiconductors, a key component for eco-friendly vehicles to control and convert electric power.
The two carmakers also agreed to obtain a portion of their power semiconductors from Infineon for the production of electric and hybrid cars through the year 2030. Infineon is a renowned leader in the automotive chip market, offering a range of products including automotive microcontrollers, power semiconductors, and sensors.
Hyundai Motor Group, the parent company of Hyundai and Kia, stated that the partnership would assist the firm in taking the lead in the global electric vehicle industry by guaranteeing a dependable supply chain for their green cars.
The two companies have been collaborating with the German company since the early 2000s.
Officials from Hyundai Motor Group and Infineon Technologies AG pose for a photo after signing a strategic partnership deal in Munich, Germany, on Oct. 17, 2023, in this photo provided by Hyundai. (PHOTO NOT FOR SALE) (Yonhap)
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