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Hyundai, LG Chiefs Meet to Cooperate on Electric Cars

2020/06/28 Source

Hyundai chairman Chung Eui-sun (left) and LG chairman Koo Gwang-mo shake hands at LG's factory in Ochang, North Chungcheong Province on Monday.

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 partner of Hyundai and will be supplying batteries for Hyundai's EV prototype for its electric-global modular platform dubbed "E-GMP" slated for 2022.

The partnership comes amid a decline in Korea's auto exports due to the 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 working with other local battery producers. Last month, Chung met with Samsung chief Lee Jae-yong while he was visiting Samsung SDI's battery production line in Cheonan.

Sources say the Hyundai chief is also going to meet SK chairman Chey Tae-won soon. SK Innovation is already one of the major battery producers for Hyundai affiliate Kia.

Hyundai and Kia are among the global leaders in the EV market, selling more than 24,000 of them in the first quarter of this year.

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