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March 31, 2020

Hyundai to build new global innovation R&D centre in Singapore

Hyundai Motor Company said it would build a new R&D centre in Singapore to explore and develop global opportunities for new mobility services and products.

By bcusack

Hyundai Motor Company said it would build a new R&D centre in Singapore to explore and develop global opportunities for new mobility services and products.

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The automaker said the new Hyundai Mobility Global Innovation Center in Singapore (HMGICs) would help accelerate its global innovation efforts with the support of the Singapore Economic Development Board (EDB).

A new facility with a floor space of 28,000 sq m will be built in the Jurong Innovation District, established by the local JTC Corporation and described as a one stop, advanced manufacturing hub.

Hyundai said the district is home to "a vibrant ecosystem of researchers, technology, training providers and factories of the future".

Construction will begin in May, with completion expected in second half of 2022.

The automaker said HMGICs, as an open innovation lab, would "help ensure the company's transformation into a smart mobility solutions provider and secure future sustainable growth.

It would explore business ideas and technology aimed at revolutionising a value chain encompassing R&D, business and production for future mobility solutions. Ultimately it will help define the future business direction for the company. 

HMGICs will become Hyundai's global open innovation hub, by undertaking open innovation on multiple fronts, exploring and proving new future mobility business concepts for eventual expansion into global markets.

Combining Hyundai's open innovations efforts with Singapore's "fertile" atmosphere, HMGICs will validate concepts including multi-modal mobility service.

Hyundai added HMGICs would help spearhead efforts to reach new markets and customers with cutting edge technology that would transform automotive R&D, production and sales. Combining AI, internet of things (IoT) and other advanced technologies, the lab will create a human centred smart manufacturing platform which would be validated through a small pilot EV production facility.

In conjunction with the platform, an innovative product development process and on demand production system would be tested and proven. 

Hyundai Motor president Bo Shin Seo said "HMGICs will be a test bed to explore and validate the future [we envision]. Combining [our] innovative spirit and Singapore's fertile atmosphere, we will develop ground breaking businesses and future technology."

Free Report
img

Spot leading innovative companies with GlobalData’s Innovation Scorecard

Innovation remains a necessity in a disruptive ecosystem, as continuous innovation allows companies to adapt, evolve, and grow through disruption. Using our in-house alternative datasets, we are excited to launch GlobalData’s Innovation Scorecard. This scorecard will allow clients to rank 3,500+ companies on their innovation activity, impact, and disruptive potential across geography, sector, and theme. The scorecard provides a data-driven framework to rank leading companies on the potential of their intellectual property (IP) portfolio. GlobalData’s Innovation Scorecard focuses not only on the activity of innovation in the organization but also on its impact and disruptive potential using the 3I framework: Intensity, Impact, and Ingenuity. The tool helps clients to identify the most innovative companies that are disruptive leaders and challengers and can create alpha for their portfolio using the insights driven by 19+ high-value KPIs. Download our report to find out more about this innovative tool. Key findings derived from this tool include:
  • Alphabet, Tencent, and Qualcomm are the top three innovative companies in the last 10 years
  • The scorecard finds Technology & Communications and Pharma & Healthcare as the two main sectors driving innovation
  • Loreal placed as ‘Disruptive Leader’ in the Consumer sector, while Revlon has been identified as a traditional laggard
  • Companies such as Etsy and H&M are challenging retail ‘Disruptive Leaders’ Amazon and Walmart
by GlobalData
Enter your details here to receive your free Report.

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