Is the technological capability gap between Hyundai and Mitsubishi converging or diverging? Findings from patent data analysis

Abstract

With few capabilities in automobile production or development, Hyundai Motors began its automobile business in 1967. Hyundai had to surrender a 10% equity stake to receive technology transfer from Mitsubishi Motors in 1982. Surprisingly, this situation reversed 20 years later, in 2004, when Mitsubishi came to license Hyundai's engine technology. As of 2013, Hyundai is the 5th largest automobile manufacturer in the world, while Mitsubishi is the 14th. To explain this reversal, this study investigates the technological capability gap between Hyundai and Mitsubishi by analysing patents data (and related citations) for Hyundai and Mitsubishi to assess their technological capabilities. The study finds that Hyundai not only narrowed the technological capability gap with Mitsubishi, but also recently overtook Mitsubishi. The results suggest that Hyundai's success in the market would not be possible without its ceaseless accumulation of technological capabilities.

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