[Asia Economy Reporter Park So-yeon] LG Chem clarified on the 19th that although it is reviewing various future cooperation plans with Hyundai Motor Group, "no strategic partnership has been finalized" in response to reports that they are establishing an electric vehicle battery joint venture in South Korea.
Earlier, reports emerged that Hyundai Motor and LG Chem had agreed to establish a joint venture for electric vehicle battery cells in Dangjin, Chungnam within this year and were discussing detailed plans.
According to the reports, the joint venture's equity ratio will be 50 to 50, with a total investment amounting to several trillion won. It is said that they are specifically reviewing the site secured by Hyundai Steel, an affiliate of Hyundai Motor Group, and the area around LG Chem's Dangjin plant.
If the joint venture is realized, Hyundai and Kia Motors will be able to receive a large supply of high-quality LG batteries, and LG Chem will secure a stable battery supply client in Hyundai and Kia Motors.
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