Hyundai Motor Group and tire giant Michelin on Monday said they are planning to work together to develop future tire technologies for electric vehicles.
The companies on Friday signed a memorandum of understanding in Seoul. The agreement follows a five-year partnership between the two companies that focused on development of tire technology for Hyundai's electric offerings — including Hyundai's new electric crossover, the Ioniq 5.
"The collaboration between Hyundai Motor Group and Michelin over the past five years contributed to the successful launch of the Hyundai Ioniq 5," Georges Levy, Michelin's executive vice president of automotive original equipment, said in a statement. "We are pleased to announce that the relationship has been extended for three more years."