Hyundai has entered into an 11-year sponsorship deal with UK art institution Tate which will see the company fund a new series of annual installations.

The project will start with annual installations from contemporary artists in Tate Modern’s Turbine Hall from 2015.

Euisun Chung, Hyundai Motor’s vice chairman, said: “At Hyundai Motor, we understand that cars can provide much more than transportation.

“They can connect with people emotionally and it is this same feeling that connects people to great art. This is the nature of our partnership with Tate.

“We are excited about the new possibilities that lie ahead and are very privileged to be working together with the Tate on this inspiring collaboration.”

Hyundai’s support for art will go beyond the Turbine Hall, and will expand to other areas such as South America, the Asia Pacific region, the Middle East, Russia and Eastern Europe.

In addition, Hyundai has joined forces with Tate’s Asia Pacific Acquisitions Committee to support a major acquisition for Tate’s collection, which will boost holdings of art from Asia.