Hyundai Motor Group and AfDB partner on African mobility and energy

Hyundai Motor Group and the African Development Bank (AfDB) have signed a Letter of Intent (LOI) to collaborate on industrialization and sustainable growth across Africa. The partnership aims to combine Hyundai’s technological expertise in mobility and energy with AfDB’s development finance and investment capabilities.

The cooperation focuses on six key areas: renewable energy transitions including green hydrogen, customized mobility solutions, transport and logistics infrastructure development (roads, railways, and ports), electric vehicle (EV) value chain development utilizing critical minerals, industrial and manufacturing capacity building, and talent training for future mobility and energy sectors.

While the agreement does not currently specify a particular country, investment amount, or the construction of specific factories, the parties are working to identify potential projects and establish integrated finance packages to ensure investment stability. The collaboration is viewed as a strategic move to support Africa’s clean energy transition and industrial competitiveness.