Lee Jae-yong and Oliver Meet Again After 6 Months
Discuss Cooperation Plans While Exploring BMW Driving Center and Latest Flagship Electric Car 'New i7'
Samsung Electronics Chairman Lee Jae-yong met with Oliver Zipse, BMW CEO, and other executives on the 17th at the BMW Driving Center located in Yeongjongdo, Incheon, where they examined BMW's latest electric vehicle, the New i7, equipped with Samsung SDI's cutting-edge 'P5' battery cell.
[Asia Economy Reporter Park Sun-mi] Samsung Electronics Chairman Lee Jae-yong and Oliver Zipse, Chairman of BMW Group, shook hands again in Korea six months after meeting in Europe last June.
On the 18th, Samsung Electronics announced that Chairman Lee met with Chairman Zipse and BMW executives at the BMW Driving Center located in Yeongjongdo, Incheon, in the morning of the previous day, and discussed strengthening cooperation between the two companies, including Samsung SDI's 'P5' battery installed in BMW's latest electric vehicles. The meeting was attended by Samsung SDI President Choi Yoon-ho, BMW Senior Vice President Jean-Philippe Parain, and BMW Korea President Han Sang-yoon. Chairman Lee had also met with Chairman Zipse during his business trip to Europe last June to discuss supplying Samsung SDI batteries to BMW.
Before the executive meeting, Chairman Lee inspected BMW's latest flagship electric vehicle 'New i7', equipped with Samsung SDI's cutting-edge 'P5' battery cells, and the BMW Driving Center. The P5 battery is a product that consolidates Samsung SDI's advanced material technology to maximize electric vehicle driving range. It features 20% higher energy density and more than 20% reduction in material costs compared to conventional electric vehicle batteries. BMW applied Samsung SDI's 'P5' battery cells not only to the New i7 but also to the latest electric vehicle models such as the iX and i4 to enhance vehicle performance, including extended driving range.
Since starting a joint electric vehicle development project with BMW in 2009, Samsung has maintained close cooperation centered on electric vehicle batteries for 13 years. Chairman Lee has built a trust relationship with BMW executives from the early stages of cooperation and led the strengthening of electric vehicle collaboration between the two companies. As a result, Samsung SDI's high-performance batteries have been installed in BMW's eco-friendly electric vehicles, starting with the BMW's first pure electric vehicle i3 launched in 2013, followed by the i8 (2015), and iX/i4 (2021).
In 2014, Samsung and BMW expanded their cooperation beyond simple battery supply to joint development of next-generation materials and electric vehicle technologies. Samsung SDI signed a long-term business agreement (worth about 4 trillion KRW) with BMW in 2019 for automotive battery supply, and the two companies are currently expanding the supply scale more than threefold due to market growth and strong BMW vehicle sales.
Chairman Lee said, "I am very pleased to work with BMW," and added, "We will continue to strengthen cooperation between the two companies going forward." BMW Chairman Zipse said, "BMW Group is very proud to cooperate with Korean automotive and cutting-edge technology companies, and we will continue to explore the technological potential of our partners to bring unprecedented innovation to our vehicles." He added, "Samsung is one of the very important partners in electrification, and the fact that Samsung executives are with the new BMW i7, which embodies our latest technology, is very symbolic."
Samsung SDI President Choi Yoon-ho said, "Samsung SDI takes pride in participating as BMW's strategic partner in the development of the luxury electric sedan 'New i7'," and added, "Through cooperation between the two companies, we will set new standards in the electric vehicle and battery fields."
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