SEOUL, Jan. 7 (Korea Bizwire) — South Korea’s Hyundai Motor Co. said Friday it has signed an initial agreement with a Singaporean company for partnership in the metaverse platform business.
Hyundai Motor has signed a memorandum of understanding (MOU) with Singapore-based three-dimensional contents developing and operating platform firm Unity to establish a future metaverse platform and business roadmap, the company said in a statement.
A metaverse refers to shared virtual world environments, which are accessible via the internet and can make use of virtual and augmented reality.
Under the MOU, the two companies will create a “meta-factory”, which is the digital twin of Hyundai’s physical smart factory or facility, in the virtual world, or three-dimensional metaverse platform, the statement said.
Hyundai plans to establish the first phase of a meta-factory in the virtual world based on the Hyundai Motor Group Innovation Center in Singapore (HMGICS), which will be built in the Jurong Innovation District by the end of this year.
HMGICS is Hyundai Motor Group’s initiative to accelerate its innovation efforts for the human-centered mobility ecosystem.
Hyundai said it will continue to upgrade the meta-factory until 2025 to help the carmaker more effectively handle vehicle orders, production, and delivery.