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Heads of Hyundai Motor, LG to meet over EV biz partnership

Industry 10:41 June 22, 2020

SEOUL, June 22 (Yonhap) -- Hyundai Motor Group's heir apparent is set to meet with the head of LG Group in the latest move to discuss cooperation in the electric vehicle (EV) battery business, people familiar with the matter said Monday.

Hyundai Motor Group Executive Vice Chairman Chung Euisun is scheduled to meet with LG Group Chairman Koo Gwang-mo at LG Chem Ltd.'s car battery plant in Ochang, 120 kilometers south of Seoul, later in the day, they said.

Hyundai Motor Group Executive Vice Chairman Chung Euisun (Yonhap)

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.

Hyundai Motor and LG Chem have recently agreed to explore overseas startups with advanced technologies in the EV and car battery fields to further expand into the high-potential businesses.

The move comes as 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.

This photo, provided by LG Group, shows its chairman Koo Gwang-mo. (PHOTO NOT FOR SALE) (Yonhap)

Last month, Chung met with Samsung Group Vice Chairman Lee Jae-yong to discuss possible cooperation in the EV business. Samsung SDI is a Samsung subsidiary that manufactures car and smartphone batteries.

Chung is also 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.


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