Hyundai seeks cooperation with Samsung amid Tesla's bullish run

Hyundai Motor Executive Vice Chairman Chung Euisun and Samsung Group leader Lee Jae-yong discussed further cooperation in electric vehicles (EVs), as US-based Tesla pursues more EV sales in South Korea.

The meeting was held at Hyundai's Namyang R&D Center in Gyeonggi Province.

With Samsung's expertise in chips, displays, and EV battery cells complementing Hyundai's fuel-cell and EV capabilities, industry analysts expect the Samsung-Hyundai partnership to provide strong competition to Tesla.

The two business leaders also reviewed self-driving technology and urban air mobility (UAM) sectors.

Chung and Lee had earlier discussed business at the Cheonan plant of Samsung SDI.

Samsung has indicated that the EV battery business will be one of its next growth engines.

Hyundai Motor Group has made partnerships with EV battery makers as a top priority to establish a stable supply chain before mass-producing EVs. It aims to offer 23 EV models and sell a million EVs by 2025.

Chung has already met with the heads of local battery makers, including SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo.