Toyota Motor Corporation’s chairman Akio Toyoda has agreed to hold a meeting with Hyundai Motor Group (HMG) chairman Chung Euisun in Seoul late in October to discuss opportunities for business collaboration between the two automakers, according to local reports.

This would be the Toyota chairman’s first trip to Seoul since 2012 and came at the invitation of Chung Euisun.

According to company insiders, the two automakers planned to discuss the potential for collaboration in the development and production of hydrogen powered vehicles and the establishment of a hydrogen ecosystem in key markets.

Toyota Motor was the world’s largest vehicle manufacturing group last year with 11m vehicles produced while HMG ranked third after Volkswagen Group with 7m units.

The two companies are global leaders in the hydrogen vehicle segment including hydrogen fuel cell electric vehicles (FCEVs).

The meeting was expected on 25 October behind closed doors with a press conference likely to be held afterwards.