Hyundai Motor Group and the University of Oxford in the UK have established a joint Foresight Center to explore the former's long-term strategies and visions together, the Korean auto conglomerate said Tuesday.

"The automotive industry is undergoing a paradigm shift and significant changes in business environments, leading to unprecedented uncertainty," said Kim Gyun, head of Hyundai Motor Group Business Intelligence Institute.

"In such times, it is crucial for companies to move away from an experience-based approach and adopt a long-term perspective to identify large-scale future trends. We expect that the foresight center will play a significant role in cultivating a multifaceted and comprehensive perspective on the future within organizations, known as 'future literacy.'"

The two sides held an opening ceremony for the Oxford-Hyundai Motor Group Foresight Center at Oxford's Convocation House on Wednesday local time.

Hyundai Motor said the foresight center will work to identify key agendas to proactively cope with geopolitical shifts and risks and conduct innovative and unique research for the progress of humanity to secure the ability to shape the future.

The auto conglomerate pointed out that Oxford is renowned for its Oxford Scenario Planning Approach with strong expertise in reshaping industry perspectives and conceiving long-term corporate directions.

The newly established organization will facilitate interdisciplinary conversations between government agencies, academia and industry experts to develop long-term insights into future societal trends. It will also organize future researcher growth programs and leadership workshops for Hyundai Motor's future strategies.

Based at Said Business School, the foresight center will be directed by Oxford professor Rafael Ramirez, who is well known for his expertise in future scenario planning, and co-directed by Titular associate professor Trudi Lang, who has held strategic foresight positions at prominent global organizations, such as the World Economic Forum and the OECD Secretariat.