[KOREA DAILY POST=Reporter Sohn JiAe] Hyundai Motor Group and LG Group will join forces to cooperate on the development of electric vehicle (EV) batteries.
Hyundai Motor Group Executive Vice Chairman Chung Euisun and other executives on June 22 visited LG Chem's EV battery plant in Ochang, Cheongju, in Chungcheongbuk-do Province and met with LG Group executives including Chairman Koo Kwang-mo and LG Chem Vice CHairman Shin Hak-cheol.
They discussed ways to expand their partnetship in future EV betteries.
Hyundai Motor Group has already been doing business with LG Group as it uses LG Chem's batteries in its electric lineups, such as KONA Electric and IONIQ Electric, as well as hybrid vehicles manufactured by its smaller affiliate Kia Motors.
Korea's biggest carmaker is ramping up its battery cooperation with LG Group as it recently selected LG Chem as a supplier for its new "E-GMP," a platform for fully electric vehicles that will start production in 2022.
LG Chem's batteries that will be built in Kia Motors' E-GMP-based electric vehicles are next-generation lithium-ion batteries with better performance. Hyundai Motor aims to increase synergy and value in the production of eco-friendhly models.
Hyundai Motor and Kia Motors sold a total of 24,116 fully electric vehicles in the first quarter of the year, making it the world's fourth biggest EV seller.
Tesla was ranked first on the list by selling 88,400 vehicles in total, followed by the Renault-Nissan Alliance with the sales of 39,355 and then by the Volkswagon Group which sold 33,846.
Hyundai Motor has also pledged to manufacture a total of 44 eco-friendly models throughout 2025, 23 of which will be fully electric.
Its aim is to become the world's third biggest carmaker by selling 560,000 EVs, as well as hydrogen-fueled cars.
LG Chem is the world's biggest EV battery supplier, holding over 17,000 patents in EV battery technology after three decades of investment in R&D.
Also, LG Chem was the biggest EV battery provider this year in the world from January to April with a 25.5 percent market share. Its EV battery supply jumped 91 percent year-on-year, the highest in the battery industry.
"The world's leading battery provider LG Chem will go all out to develop future batteries that can be a game changer, such as long-life batteries, lithium-ion batteries and solid-state batteries," said an official from LG Group. "We are looking forward to building a sound cooperation with Hyundai Motor."