South Korea auto giant Hyundai Motor Group is looking to form an alliance with another Korean firm to make electric vehicles.
In the latest such effort, the heir apparent to Hyundai Group met today with the chairman of SK Group… and toured an SK battery plant.
Eum Ji-young has more.
Hyundai Motor Group Executive Vice Chairman Chung Eui-sun met with SK Group Chairman Chey Tae-won at SK Innovation’s battery factory in Seosan, Chungcheongnam-do Province on Tuesday seeking to bolster their partnership.
During the meeting, they discussed potential cooperation over batteries for electric cars.
Chung said, the meeting was a meaningful chance to share the future direction of electric car batteries and other new technologies the two firms are developing.
Chey said as Hyundai and Kia Motors are leading players in the future mobility field, cooperation would not only be helpful for both companies but also for the South Korean economy as a whole.
He added that both firms need to work together to cope with the fallout from COVID-19.
This is Chung’s third meeting with executives of local conglomerates that make batteries following his meeting with LG Group chairman Koo Kwang-mo last month and Samsung Electronics Vice Chairman Lee Jae-yong in May to discuss possible cooperation.
An expert says cooperation could be useful as South Korea has a competitive edge in the automobile industry and has the world’s best battery producers.
“Hyundai Motors’ goal is to sell around one million electric cars globally in 2025. If local automakers and battery producers cooperate, South Korean firms could lead the world’s electric car market.”
According to Korea Automobile Manufacturers Association, Hyundai and Kia Motors ranked 4th in sales in the global electric vehicle market in the first quarter of this year selling more than 24-thousand electric cars.
“As Hyundai Motor Group aims to raise its status in the global electric vehicle market, cooperation with local battery producers could help the car firm achieve its goal. Eum Ji-young, Arirang News.”