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Hyundai Motor, SK chiefs to discuss EV battery biz next week

Hyundai Motor Group Executive Vice Chairman Chung Euisun (left) meets with SK Group Chairman Chey Tae-won in December. (Yonhap)
Hyundai Motor Group Executive Vice Chairman Chung Euisun (left) meets with SK Group Chairman Chey Tae-won in December. (Yonhap)

Hyundai Motor Group Executive Vice Chairman Chung Euisun and SK Group Chairman Chey Tae-won are expected to meet next week to discuss further cooperation in the electric vehicle battery business, according to industry sources Sunday.

The two leaders are likely to meet on Monday or Tuesday at SK Innovation’s EV battery plant in Seosan, South Chungcheong Province, to talk future EV battery partnerships, the sources said.

Previously, Chung met with LG Group Chairman Koo Kwang-mo at LG Chem’s Ochang plant in North Chungcheong Province last month and Samsung Electronics Vice Chairman Lee Jae-yong at SDI’s Cheonan plant in South Chungcheong Province in May to discuss their technology advances.

The recent meetings with the EV battery makers are seen as Chung’s efforts to ensure a stable supply of EV batteries as Hyundai aims to launch pure EVs based on its new platform called Electric-Global Modular Platform, E-GMP, in 2022.

SK Innovation and LG Chem have been selected as the primary and the secondary EV battery suppliers, respectively, for Hyundai’s pure EV models. The 10 trillion-won ($8.3 billion) deal will supply batteries to Hyundai’s 500,000 EVs in the next five years, according to industry sources.

By Kim Byung-wook (kbw@heraldcorp.com)
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