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Hyundai Motor's Executive Vice Chairman Chung Euisun met closed doors with Samsung Electronics' Vice Chairman Lee Jae-yong to discuss solid-state batteries, interpreted by industry officials as the development of a partnership on electric vehicles (EV).
Chung had just inspected Samsung SDI's plant in Cheonan, South Chungcheong Province, before discussing business with Lee.
Chung and Lee have met several times at official events but never discussed doing business.
According to Hyundai Motor Group official, Chung visited the plant to share his views on the technological direction of solid-state batteries and get updated on cutting-edge technologies.
A Samsung official added that the leaders were briefed about global trends in solid-state batteries and Samsung's current status in developing them.
The two groups were expected to announce a non-binding memorandum of understanding (MOU) on a battery supply deal.
EV batteries are perceived to be one of Samsung's next revenue generators.
In March, Samsung Electronics announced that it had developed a solid-state battery technology that powers EVs for 800 kilometers on a single charge.
Hyundai Motor Group is currently sourcing its EV batteries from LG Chem, while its affiliate Kia Motors gets it from SK Innovation.
LG Chem and a Hyundai Motor Group affiliate, Hyundai Mobis, 49:51 joint venture on EV batteries under the brand name HL Green Power, which sold 1.2 trillion won worth in 2019, up from 757.7 billion won from the previous year.
Hyundai Motor Group also tapped SK Innovation in a 5-year-10 trillion won deal to supply 500,000 batteries for an EV scheduled for release next year.
A battery supply deal with Hyundai and Kia will significantly boost Samsung SDI's global market share, which now stands at 6 percent.
Samsung SDI holds the fourth spot in the first quarter of 2020 among the world's EV battery suppliers.
LG Chem took the number one spot with 27.1 percent, followed by Japan's Panasonic with 25.7 percent, and China's CATL with 17.4 percent.
