This partnership with Michelin will result in real innovations in tire technology, consolidating the position of Hyundai Motor Group as a leader in the field of intelligent mobility. Leveraging our mobility technology and Michelin's tire expertise, we are confident in our ability to achieve breakthrough innovations in tire performance improvement and create synergies in this collaboration, said Vice President Kim.
As mentioned, in the next three years Michelin and the car manufacturer Hyundai will jointly develop ecological tires, therefore with a greater use of eco-compatible materials and optimized for next generation electric vehicles. According to the press release, the two sides will work on a real-time tire monitoring system that will also help improve autonomous driving technology. Once built, the next-generation tires will debut on Hyundai's future premium EV models. Not surprisingly, the new technology will focus on improving tire life, driving performance and electrical efficiency. In this regard, there will be no shortage of research to analyze the most important parameters that will significantly improve the driving comfort of drivers, reducing vibrations and noise generated at high speeds.
We are pleased to announce that the agreement has been extended for another three years to continue our work together on new technologies for safer and cleaner mobility. The work between Hyundai Motor Group and Michelin is based on the same vision and a shared passion for excellence, performance and innovation that have become increasingly essential factors in addressing the mobility challenges we are facing today.