Automobile major Hyundai Motor Group on Wednesday said that it has entered into a multi-year patent cross-licensing agreement with Audi AG, covering a broad range of fuel cell electric vehicle (FCEV) components and technologies.
According to a statement from Hyundai Motor Group, under the new partnership, the world's fifth-largest auto-making group and the German premium car maker will make joint efforts in developing FCEVs, to lead the automotive industry to a more sustainable future.
"The cross-license agreement has been signed between Hyundai Motor Company - the Group's flagship car-making unit - and Audi but also covers and benefits both companies' affiliates, including
but not limited to Kia Motors Corporation and Audi's parent company Volkswagen AG," the group said in a statement.
"Hyundai and Audi, as well as their affiliates will equally share the patent licenses over the years to come. The duration of the agreement has not been disclosed."
As per the statement, the partnership between Hyundai Motor Group and Audi will lev erage collective "R&D capabilities in fuel cell technology to elevate their presence in the FCEV market".
"As a first step, Hyundai Motor Group will grant its counterpart the access to parts that are based on Hyundai's know-how accumulated from the development of ix35 Fuel Cell as well as NEXO," the statement said.
"Audi - responsible for the development of fuel cell technology within the Volkswagen Group - will also be able to take full advantage of Hyundai's FCEV parts supply chain."
Hyundai Motor Company holds the record of being the first to mass-produce fuel cell vehicles. It has been offering SUV-Class FCEVs since 2013.