A few days ago, Hyundai and General Motors have signed a memorandum of understanding in forming a possible alliance in developing electrified vehicles. But now, it looks like the South Korean auto giant is also set to explore possibilities with Japan’s biggest carmaker – Toyota.

According to The Korea Economic Daily, Toyota chairman Akio Toyoda is flying to Seoul, South Korea to meet with Hyundai chairman Euisul Chung. While meeting details are still under wraps, the two are allegedly meeting to explore their options with regard to hydrogen power.

Recently, it was Toyota and BMW that announced they are partnering up to develop fuel cell propulsion systems and advance the hydrogen vehicle industry. The jointly developed powertrain system will be used by both Toyota and BMW in their own FCEVs.

While that’s the case in terms of hydrogen propulsion, Toyota and Hyundai are also likely to discuss about EVs and battery tech to keep up with competition, especially those coming from the PRC.

Toyota has recently been given certification to produce next-generation EV batteries, and the Japanese auto giant can learn something with Hyundai at that aspect. On the other hand, Hyundai has already announced they are ramping up hybrid vehicle production – a segment where Toyota is leading.

A collaboration between the two could be such a huge deal in the automotive industry, especially with Toyota being number one and Hyundai (along with Kia and Genesis) ranking third in global sales. That said, it’s yet to be determined if the two giants will reach an agreement.