With the help of other industry titans, Samsung, the renowned South Korean tech behemoth, is making significant strides in the electric vehicle (EV) market. According to recent reports from local news outlets citing unnamed industry officials, Samsung, SK, LG, and Hyundai Motor Group are forming a formidable alliance to conquer the EV landscape.
This ground-breaking collaboration aims to incorporate Samsung’s self-driving semiconductors, SK’s cutting-edge batteries, and LG Display’s cutting-edge OLED instrument panels into Hyundai and Kia electric vehicles. This collaboration aims to establish a strong domestic supply chain by leveraging the strengths of each company, effectively propelling Hyundai Motor Group to the forefront of the global EV market.
South Korean companies such as Samsung Electronics, Samsung Electro-Mechanics, Samsung SDI, SK, and various LG affiliates have long demonstrated a commitment to advancing EV technologies. In recent years, Samsung has successfully formed partnerships with prestigious automobile manufacturers such as Audi and Volkswagen, and Samsung SDI has emerged as a leading global EV battery manufacturer.
As the popularity of EVs grows and competition heats up, Hyundai Motor Group recognises the importance of securing a strong domestic supply chain for electric and autonomous vehicle components. According to an industry official speaking to The Korea Times, “collaborations among domestic companies are expected to yield significant synergy effects, greatly impacting the development of the local industry.
The purported EV coalition, which includes Samsung, SK, LG, and Hyundai, aims to foster growth among all members while also expanding the market. This alliance will greatly benefit Hyundai Motor Group by providing access to domestic component suppliers in close proximity. Real-time communication with its supply chain, lower shipping costs, and other benefits will undoubtedly strengthen Hyundai’s competitive position in the global EV market. Given the esteem of Samsung, SK, and LG as top EV component suppliers worldwide, this alliance has the potential to propel Hyundai to the top of the global EV market. The combined efforts of Samsung and other domestic tech titans could eventually cement Hyundai’s position as the world’s leading EV manufacturer. While success in the EV industry is dependent on factors other than the supply chain, the collaboration of Samsung, LG, and SK as strategic suppliers through this alliance is an impressive accomplishment.
Finally, the strategic partnership between Samsung, LG, SK, and Hyundai Motor Group promises to revolutionise the global EV market. This collaboration will strengthen Hyundai’s position and competitiveness by leveraging each company’s expertise and resources. As the EV industry evolves, it is clear that Hyundai is positioning itself for success, backed by a strong domestic supply chain and the backing of industry leaders.
Main Image: KED Global
