At its 2024 CEO Investor Day geld recently, Hyundai Motor Company unveiled its new mid- to long-term strategy called the ‘Hyundai Way’. The automotive major – under the new strategy – emphasised the commitment to enhance its electric vehicle (EV) and hybrid competitiveness, advancing its battery and autonomous vehicle technologies and expanding its vision as an energy mobiliser by responding to the market environment flexibly with its dynamic capabilities.

Jaehoon Chang, President and CEO of Hyundai Motor Company, mentioned that they will respond to the market with agility under the Hyundai Way strategy. Thanking his company’s unique flexible response system, he averred, “This will help to secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centered on mobility and energy.” “Hyundai will strengthen its position as a game changer by expanding beyond vehicle manufacturing to various forms of mobility. By enhancing the role of energy business operators and realizing a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition,” he added. 

In 2024, Hyundai Motor secured its profitability and EV competitiveness in the market. These achievements were recognised by global rating agencies as the company earned an ‘A-grade’ credit rating from major global credit rating agencies. Moreover, with a global sales annual volume of 4.21 million units in 2023, Hyundai Motor helped Hyundai Motor Group to become one of the top three automakers globally.

Implementing a full hybrid lineup expansion and next-generation TMED-II hybrid system

Stating that Hyundai Motor Company has been at the forefront of the hybrid market for years with its proprietary TMED hybrid system, a company official mentioned with reference to the CEO Investor Day that the plan is to leverage the expertise the Korean automaker has gained to further bolster its position in the hybrid market under the new Hyundai Dynamic Capabilities strategy. 

As per the strategy, the company will expand the application of its hybrid system beyond compact and mid-size cars to small, large and luxury vehicles, effectively doubling its current range from seven to 14 models. This expansion will encompass not only Hyundai vehicles but also its luxury brand, Genesis, which will offer a hybrid option for all models, excluding those that are exclusively electric.

Japanese mobility company Suzuki Motor Corporation and Tata Elxsi, a leading design and technology services company have inaugurated the ‘Suzuki-Tata Elxsi Offshore Development Center’ in Pune, India.

The facility will focus on driving innovations in advanced engineering for Suzuki Motor Corporation’s future offerings. Tata Elxsi says it will support Suzuki in its green mobility vision by aligning with the OEM’s global focus on sustainable innovation in lightweight design, safety, styling and engineering, eco-friendly materials, and advanced simulations to improve time-to-market.

Furthermore, the partners will also focus on developing next-generation powertrains (across electric, hybrid and alternate fuels) and software-defined vehicles (SDV).

Katsuhiro Kato, Chief Technology Officer, Suzuki Motor Corporation, said, “As the industry progresses in Connected, Autonomous, Shared, and Electric technologies, Suzuki must accelerate electronic and virtual development to meet evolving demands. Tata Elxsi’s expertise in advanced computing, simulation, and design digital makes them an ideal partner in bringing forward-thinking solutions to market. This strategic and long-term partnership incorporates Suzuki’s endeavor of minimising energy and enables India’s talent to actively contribute to our development efforts globally.” 

Manoj Raghavan, MD & CEO, Tata Elxsi, said, “The inauguration of Suzuki-Tata Elxsi Offshore Development Center marks a significant milestone in our partnership with Suzuki and our shared vision for the future of mobility. Tata Elxsi’s design-led, digital-first approach is uniquely positioned to support Suzuki’s energy minimisation and sustainability goals, advancing the future of automotive engineering with precision and responsibility. We are delighted to support Suzuki in this journey towards transformative automotive engineering.”

MathWorks, a leading developer of mathematical computing software, and NXP Semiconductors, a leading provider of automotive processing technology have joined forces to introduce Model-Based Design Toolbox (MBDT) for Battery Management Systems (BMS).

With this, engineers will be able to not only develop models but also validate BMS applications on MATLAB and Simulink. They will also be bale to automate C code generation from MATLAB for NXP Battery Cell controllers, and also support NXP’s software solution, the BMS SDK components. 

For the unversed, BMS is one of the crucial technology for electric vehicles that ensures optimal performance, durability and safety for the battery packs. The BMS design process the partners state increasingly relies on modelling and simulation to fine-tune algorithms tailored to EVs' specific battery cell types and battery pack configuration. 

The Model-Based Design provides efficient design of the BMS algorithms, which allows it to be tested in simulation for different scenarios, such as driving habits, environmental conditions, and fault occurrences. 

Lars Reger, CTO, NXP Semiconductors, said, "We’re excited to collaborate with MathWorks to support automotive engineers in developing the next generation of BMS solutions. Simplifying direct testing with MBDT on NXP processors offers a broad range of benefits, including faster design iterations that allow engineers to identify and fix issues upfront in the design process and reduce time to market.” 

The MDBT acts as a bridge between theoretical design and practical application.

Jim Tung, MathWorks Fellow, said, "By enabling engineers to go directly from creating BMS algorithms in Simulink to running them on an NXP processor, we're simplifying and accelerating the development process. The growth of the EV market demands more efficient, reliable, and safer battery systems, and tools like MBDT that streamline and enhance the engineering process will be critical. Reducing development times, facilitating easier testing, and accelerating market entry will be differentiators in this competitive market.”

Mushin Innovation Labs, a Software-as-a-Service (SaaS) start-up providing digital solution for the automotive manufacturing industry, has raised USD 250,000 in Seed Series Round led by Inflection Point Ventures. The startup through its Mushin Aqua platform supports Tier 1 and Tier 2 manufacturers to optimise their compliance and improve quality management. This it claims helps to reduce upto 85 percent cost reduction.

The new funds it intends to deploy towards improving sales and marketing operations, accelerate its R&D efforts, and further innovate its product suite. It also aims to expand its market presence, enhance product offerings, and develop new solutions to meet the ever-evolving needs of the automotive manufacturing sector.

Interestingly, Mushin Innovation Labs claims it already secured partnership with 15 leading automotive brands and has onboarded 70 factories within two years. It has successfully passed the Maruti Vendor System Audit (VSA) and obtained Letters of Intent (LOIs) from 15 factories. It currently has 14 active deployments and a pipeline of 52 factories. The start-up claims it has received interest from global OEMs such as Volkswagen, Skoda, Volvo, JCB, and Aston Martin. The start-up was founded by Rachit Srivastava (CEO) and Amman Batra (COO).

The company estimates that the total addressable market (TAM) for Mushin Aqua, is estimated at INR 7,000 billion annually. The serviceable available market (SAM), specifically targeting Tier 1 and Tier 2 manufacturers in India, is valued at INR 450 billion. Based on the company's current capabilities and market focus, the serviceable obtainable market (SOM) stands at INR 45 billion annually.

Vikram Ramasubramaniam, Partner and CIO, Inflection Point Ventures, said, “The automotive manufacturing industry has stringent compliance standards to follow while minimising costs and maintaining top-notch quality. Many Tier 1 and Tier 2 manufacturers struggle to meet these demands efficiently due to fragmented processes and outdated systems. Mushin Innovation Labs addresses this challenge and streamlines compliance and enhances quality management in an accessible price range, making lives easier for tier 1 and 2 manufacturers. IPV believes Mushin is well-positioned for sustainable growth, making it a right investment choice.”

Schaeffler India, a leading motion technology company, in partnership with Buddy4Study Foundation, has announced the winners of its 2024 edition of the Schaeffler India Social Innovator Fellowship Program.

The initiative under Schaeffler India’s CSR initiative HOPE (Healthcare, Occupational skill development, Preservation of Heritage & Environment and Empowerment of Society) in its third edition recognises and rewards social entrepreneurs for their unique sustainable solutions that has positive impact to the society.

The programme is open to applicants between the ages of 18 – 35 across different institutions including IITs, IIMs, NITs, non-profit organisations, and early-stage startups, to pitch their ideas and prototype solution across six key categories. These include environmental sustainability, renewable energy, carbon neutrality, circular economy, natural resource management, and application of technology in the social sector.

The participants undergo rigorous screening, of which 10 projects are shortlisted and receive a grant of INR 150,000 each. The winners were awarded 24-week hybrid mentorship at IIMA Ventures formerly (IIMA-CIIE), a startup incubator founded by the Indian Institute of Management, Ahmedabad. They also get an opportunity to connect with Schaeffler India's network of industry partners, and fellow innovators in the program.

The initiative which started in July 2024, has received over 276 registrations from over 25 states, including the Northeast, West Bengal, Jammu & Kashmir, and more, with 78 shortlisted applicants for assessment.

Harsha Kadam, MD and CEO, Schaeffler India, said, “At Schaeffler India, we are dedicated to advancing motion to foster a sustainable, efficient, and resilient world. The remarkable response to this year’s Social Innovator Fellowship Program highlights the potential of India’s youth to be agents of transformative change. Sustainability and innovation are inherently linked, and through this initiative, we are committed to nurturing young innovators who will help shape the future of India, where both people and the planet can thrive.”

The award ceremony saw attended by Munish Bhatia, Co-Founder, India Accelerator & CEO, Bharat Ventures, and Praveen Bhadada, CXO Advisor and Mentor, along with the Leadership Team of Schaeffler India.