Jung Eui-sun and Koo Kwang-mo Join Hands to Discover 'Innovative Companies' in Future Cars

LG Chem's

Electric Vehicle Battery Challenge

is being conducted this year with Hyundai Motor Group

as an opportunity to discover startups

strengthening cooperation between the two companies from the early stages

expecting synergy in new technology development

[Asia Economy Reporters Kiho Sung, Soyeon Park] Hyundai Motor Company and Kia Motors, together with LG Chem, have joined forces to discover promising domestic and international startups in the electric vehicle (EV) and battery sectors. Next-generation mobility, including electric vehicles, is a field where Euisun Chung, Vice Chairman of Hyundai Motor Group, and Koo Kwang-mo, Chairman of LG Group, are focusing their groups' lifeblood to nurture as future growth engines. With two leading domestic companies jointly participating, there is anticipation that innovative technologies and new business models integrating the EV and battery sectors can be discovered.

On the 18th, Hyundai Motor Group and LG Chem announced that they will jointly conduct the 'EV & Battery Challenge,' a program to discover promising startups in the electric vehicle and battery fields. This year, the program, which LG Chem conducted alone last year, will be carried out together by both companies. It is expected that more capable companies will participate across a broader scope. In particular, in the eco-friendly electric vehicle sector, the two companies are expected to maximize synergy through cooperation from the early stages of startup discovery and new technology development. From June 22 to August 28, they will accept new technology applications from domestic and international startups possessing differentiated innovative technologies and business models in the EV and battery sectors.

The application fields are divided into seven categories: ▲ next-generation battery materials to increase EV driving range and safety ▲ control and maintenance to improve battery efficiency and usability ▲ reuse and recycling technologies for used batteries to reduce battery costs ▲ process technologies to improve battery productivity and quality control ▲ electric vehicle drive components ▲ electric vehicle charging and energy management ▲ and electric vehicle personalization services.

Face-to-face evaluations will be conducted for startups that pass assessments of business feasibility and technological capability. The final selected startups will attend a workshop held at Hyundai CRADLE, Hyundai Motor Group's open innovation hub in Silicon Valley, USA, in November, where discussions to concretize mutual collaboration will continue. Hyundai Motor Company, Kia Motors, and LG Chem plan to promote technology verification with relevant departments of each company for the final selected startups and review strategic investments linked to this. Through this, they expect to discover next-generation battery technologies that will lead future innovation and further strengthen capabilities in EV system and service development.

Jiyoung Jo, President of Hyundai Motor Group, said, "Hyundai and Kia are expanding collaboration with startups that have innovative ideas and high future growth potential," adding, "Through the joint program with LG Chem, which possesses world-class battery technology, we look forward to partnerships with various startups leading global EV markets and next-generation battery innovation."

Myeonghwan Kim, President of LG Chem's Battery Business Division, said, "LG Chem is striving to continuously secure leadership in new battery technologies through active open innovation activities," and added, "We will actively nurture promising startups with Hyundai and Kia, who are focusing their capabilities on eco-friendly vehicles, to strengthen competitiveness together in the electric vehicle sector."

Recently, the automotive industry is being reorganized around eco-friendly vehicles based on electrification, and competition to develop next-generation high-performance, high-efficiency electric vehicle batteries is intensifying. Hyundai and Kia are standing out in the global market with electric vehicle models that have world-class competitiveness. According to EV Sales, a global EV specialized media, Hyundai and Kia sold a total of 24,116 pure electric vehicles in the first quarter of this year, ranking fourth after Tesla (88,400 units), Renault-Nissan Alliance (39,355 units), and Volkswagen Group (33,846 units). Hyundai and Kia plan to launch a total of 44 eco-friendly vehicles by 2025, with more than half, 23 models, being pure electric vehicles. LG Chem is also strengthening its position as a global leader in the electric vehicle battery market.

This content was produced with the assistance of AI translation services.