Hyundai Motor Group‘s executive vice-chairman, Chung Euisun, and LG Group’s Chairman Koo Kwang-mo met on Monday morning to discuss future electric vehicle (EV) battery business collaborations.
Koo, along with other LG executives, welcomed Chung and other Hyundai executives at LG Chem‘s EV battery manufacturing site in Ochang, south of Seoul. The event is the first-ever high-profile meeting between the two chiefs.
In a statement, Hyundai Motor said that the visit was meant to look around the site and at the current state of development of high-performing batteries for electric vehicles.
Koo and Chung also shared views on how their expanded collaboration in the EV battery business would benefit both companies, LG said. Hyundai Motor’s chief discussed specifically about the development of LG Chem’s long-life batteries and next-generation battery technologies such as solid-state and lithium-ion batteries.
LG Chem already supplies Hyundai Motor’s EVs, such as the Ioniq Electric and the Kona EV. Recently, the two companies also signed a deal designating LG Chem as the battery supplier for Hyundai’s next-generation EV-only platform named Electric-Global Modular Platform (E-GMP), scheduled to launch in 2022.
To further their portfolio into the rapidly growing EV battery business, Hyundai Motor and LG Chem agreed to explore startups located abroad with advanced electric vehicle and car battery technologies.
In 2019, LG Chem also signed a 50-50 joint venture with U.S-based General Motors, and China-based car manufacturer Geely.
Last Month, the heir of South Korea’s largest automaker also met with Samsung Group’s Vice Chairman Lee Jae-yong to discuss possible next-generation EV battery business partnerships. The two heirs shared insights on the current developments and the trends in the market for solid-state batteries.
The de facto leaders of both the South Korean top conglomerates met at Samsung SDI‘s Cheonan battery plant located south of ChungCheong Province.
Industry experts also expect Chung to visit and meet with SK Group‘s Chairman Chey Tae-won. The group’s subsidiary, SK Innovation, currently supplies batteries to Kia Motors’ all-electric vehicle models, including the Niro EV and the Soul EV.