Hyundai has long been gunning for Toyota, but the two automakers aren’t locking horns in rivalry just yet. In fact, they’re working together, co-hosting an event that’s sure to get the adrenaline pumping. The "Hyundai N x Toyota Gazoo Racing Festival" will take place later this month in South Korea, showcasing an array of performance vehicles from both brands. Expect everything from road-going sports cars to motorsport beasts, with some exciting prototypes and concepts thrown into the mix.

Set for October 27 at Everland Speedway in Yong-in, this festival will see Toyota’s GR Supra and GR86 squaring off with Hyundai’s Elantra N (known locally as the Avante N) and the all-electric Ioniq 5 N. But what really raises eyebrows are the hydrogen-fueled experiments. Toyota’s bringing the AE86 H2 concept and an experimental GR Corolla, both powered by combustion engines running on liquid hydrogen – yes, hydrogen.

Hyundai isn’t sitting on the sidelines, either. Their hydrogen-fueled N Vision 74, a stunning retro-futuristic design that could soon hit production, will be there, provided it hasn’t been shelved by recent rumors. Also making an appearance is the record-smashing Ioniq 5 N TA Spec, fresh from its triumph at Pikes Peak, where it claimed the crown in the modified electric SUV/Crossover category. On the motorsport side, Hyundai’s rally weapons – the i20 N Rally1 Hybrid and the i20 N Rally2 are also confirmed to make an appearance.

So, is this the beginning of a deeper partnership? Toyota and Hyundai are playing coy, only hinting that this festival marks their "inaugural collaboration" in Korea. Should we be reading between the lines? Possibly not. Toyota has already enjoyed a long-standing partnership with Subaru, particularly on the GR86/BRZ project that dates back to 2008.

However, things get interesting when you consider reports that Toyota’s Akio Toyoda and Hyundai’s Euisun Chung are set to meet just days before the festival. According to The Korea Economic Daily, the two chairmen will likely discuss hydrogen tech, an area both brands remain invested in. Toyota recently strengthened ties with BMW, while Hyundai is wrapping up development on its new Nexo, slated for a 2025 launch.

Could we be looking at the start of a hydrogen collaboration, or perhaps something even more tantalising? Affordable, fun-to-drive sports cars would be a welcome addition to the market, and if anyone has the clout to deliver performance without a six-figure price tag, it’s Toyota and Hyundai. Time will tell, but this is definitely a festival to watch.