Hyundai Motor Group's luxury brand Genesis has officially launched its first SUV (Sport Utility Vehicle), the 'GV80'. On the 15th, Hyundai Motor Group held a new car launch event at KINTEX in Goyang, Gyeonggi Province, and began official sales. The GV80 is Genesis's first rear-wheel-drive based large SUV. Goyang ? Photo by Kim Hyun-min kimhyun81@
[Asia Economy Reporters Park Soyeon and Woo Suyeon] Hyundai Motor Group and LG Chem are considering establishing a joint venture for electric vehicle batteries and building a battery factory in South Korea.
According to industry sources on the 19th, Hyundai Motor and LG Chem are reportedly discussing detailed plans to establish a joint venture for electric vehicle battery cells in Dangjin, Chungnam, within this year.
Regarding this, LG Chem stated, "We are reviewing various future cooperation plans with Hyundai Motor," adding, "No strategic alliance has been finalized."
Hyundai Motor said, "In connection with our EV strategy and to stabilize battery supply, we are reviewing supply plans through diverse cooperation with global battery companies," and added, "No partnership with any specific company has been confirmed yet."
The joint venture's equity ratio will be 50 to 50, with a total investment amount reported to be in the trillions of won. It is said that the site secured by Hyundai Steel, an affiliate of Hyundai Motor Group, and the area around LG Chem's Dangjin plant are being specifically reviewed.
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 destination in Hyundai and Kia Motors.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
