SEOUL, June 19 (Korea Bizwire) — The heads of Hyundai Motor Group and LG Group, South Korea’s two major conglomerates, will meet next week to discuss expanded cooperation in the electric vehicle business, a person familiar with the matter said Friday.
Hyundai Motor Group Executive Vice Chairman Chung Euisun is set to discuss an expanded EV partnership with LG Group Chairman Koo Gwang-mo during Chung’s visit to LG Chem Ltd.’s car battery plant in Ochang, 120 kilometers south of Seoul, on Monday, he said.
LG Chem has supplied lithium-ion car batteries to Hyundai Motor’s all-electric vehicles, such as the Kona EV and the Ioniq Electric. It has been recently designated as a battery supplier for Hyundai’s next-generation EV to be launched in 2022.
Moreover, Hyundai Motor and LG Chem have agreed to explore overseas startups with advanced technologies in the EV and car battery fields to expand into the highly potential businesses.
It will be the first time for Chung and Koo to have an official meeting. Chung, heir apparent of Hyundai Motor Group, has led the group since September 2018, when he was promoted to the current position.
Koo took the helm of LG Group, a chemicals-to-electronics conglomerate, in 2018.
Chung is reportedly expected to meet with SK Group Chairman Chey Tae-won. SK Innovation Co. supplies car batteries to Kia Motors Corp.’s all-electric models, such as the Soul EV and the Niro EV.
Last month, Chung met with Samsung Group Vice Chairman Lee Jae-yong to discuss possible cooperation in the EV business when he visited Samsung SDI Co.’s plant in Cheonan, 90 km south of Seoul.
Samsung SDI is a Samsung subsidiary that manufactures car and smartphone batteries.
It marked the first time that Lee, also Samsung Electronics Co. vice chairman, held a meeting with Chung.
Hyundai Motor Group is pushing to mass produce an electric car based on its own EV platform called the electric-global modular platform (E-GMP) next year.
The new platform will be installed in Hyundai Motor’s new large EV under the project name NE and its smaller affiliate Kia’s new crossover utility vehicle.