Hyundai, LG Chiefs Encounter to Cooperate on Electric powered Cars
23 June, 2020
Hyundai chairman Chung Eui-sun met with LG chairman Koo Gwang-mo on Monday to strengthen their alliance in the field of electric vehicles.
Chung visited LG Chem's battery factory in Ochang, North Chungcheong Province. The two tycoons discussed how to bolster cooperation.
LG Chem is already a key spouse of Hyundai and you will be supplying batteries for Hyundai's EV prototype because of its electric-global modular program dubbed "E-GMP" slated for 2022.
Hyundai chairman Chung Eui-sun (kept) and LG chairman Koo Gwang-mo shake hands at LG's factory in Ochang, North Chungcheong Province on Monday.
The partnership comes amid a decline in Korea's auto exports as a result of coronavirus epidemic. From June 1 to June 20, car exports plummeted over 36 percent compared to the year before.
The auto industry is rapidly changing to electric cars, hydrogen cars or mobility services.
Hyundai is also dealing with other local battery makers. Last month, Chung achieved with Samsung chief Lee Jae-yong while he was going to Samsung SDI's battery production line in Cheonan.
Sources state the Hyundai chief is also going to meet up with SK chairman Chey Tae-won soon. SK Advancement is already among the major battery suppliers for Hyundai affiliate Kia.
Hyundai and Kia are among the global leaders found in the EV market, offering a lot more than 24,000 of these in the first one fourth of this year.
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