South Korean auto parts maker Hyundai Mobis has joined hands with Massachusetts Institute of Technology (MIT) to accelerate research and development of future vehicle technologies and recruit talents.
Hyundai Mobis said Monday that it recently hosted an information technology conference for Korean entrepreneurs at the company's Tech Center in Yongin, Gyeonggi Province, as part of the bilateral partnership efforts. Michael Schrage, a professor at the MIT Sloan School of Management, gave a lecture on next-generation business models and technologies at the conference. Some 50 senior corporate managers including the company's president and CEO Park Chung-kook.
Earlier this year, Hyundai Mobis joined the MIT Industrial Liaison Program (ILP) to respond to future car technologies such as autonomous driving and connected automobiles. The company is the first Korean auto parts maker to join the program. Other major companies participating in the program include Hyundai Motor Co., Samsung Electronics Co. and LG Electronics Inc.
About 1,700 business startups are linked with the ILP, raking in some 50 billion won (42.7 million U.S. dollars) in technological patent-related revenues. By joining the program, Hyundai Mobis can have various types of technological exchanges with the startups and is qualified for jointly develop technologies that some 3,000 advanced researchers at over 300 laboratories are working on. "We plan to take advantage of MIT's key technologies for future cars to introduce new systems and services," a Hyundai Mobis official said.