Hyundai Motor joins Taavura in start-up hunt

Hyundai Motor said Tuesday it inked partnership with Israeli logistics and mobility company Taavura to search for new business opportunities in future mobility.

Taavura, established in 1955, offers land and air logistics services, public transportation services, as well as importing and selling cars. Recently, the company has been expanding its business areas to include IT and cyber security and by the end of this year it plans to establish the Taavura Innovation Center to nurture promising start-ups in the field of smart mobility, logistics and energy.

The Korean automaker said it plans to research new technology trends with Taavura and jointly develop fresh business opportunities. It will also take part in the start-up nurturing program run by the planned center to make investments and ink partnership with Israeli start-ups.

“Israel is one of the few countries in the world renowned for having a rich pool of start-ups,” said Sull Won-hee, executive vice president and head of technology innovation center at Hyundai Motor Group. “We believe we will be able to discover and nurture promising start-ups and verify the validity of new business models using the position and infrastructure of Taavura in Israel’s mobility industry.”

The automaker has been investing in Israeli start-ups in recent years.

Last year, it invested in artificial intelligence (AI) start-up allegro.ai as well as energy company H2Pro and drone maker Percepto by setting up an innovation center dubbed Hyundai Cradle Tel Aviv.

In June, the group decided to invest in Israeli start-up MDGo, which is focused on health analysis through AI.

In July, Israel’s President Reuven Rivlin visited Hyundai Motor Group’s research and development hub in Namyang, Gyeonggi, to test-drive a hydrogen-powered car and discuss future partnerships with Euisun Chung, the group’s executive vice chairman.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]