Samsung teams up with LG and Hyundai to increase competition
The South Korean conglomerates Samsung, Hyundai, and LG have been competing with one another for several years. Given the uncertain conditions, the companies have now united to enhance their competitive edge. Reportedly, the three companies have collaborated to work on AI, EV (Electric Vehicle) batteries and future cars.
Samsung, Hyundai, and LG have reportedly joined together in order to pool their resources and increase their competitiveness, according to a KoreaTimes report. It seems that the businesses have decided that working together to develop synergies is preferable to competing against one another. Together, these businesses are able to counter the threat posed by Chinese enterprises operating in the automotive, battery, display, and semiconductor industries.
Samsung SDI and Hyundai have signed a deal regarding the P6 batteries for electric vehicles. Reportedly, the batteries provide a range of 700km on a single charge. The cars will be sold on the European market from 2026 to 2032. In May 2020, during a gathering held at Samsung SDI’s Cheonan facility, the chairman of Samsung Electronics, Lee Jae-yong, and the chairman of Hyundai Group, Chung Euisun, declared their collaboration on electric vehicle batteries. The declaration paid off three years later. The businesses will keep working together to develop next-generation batteries, among other things. In addition to this, Samsung Display is also providing OLED panels for Hyundai vehicle infotainment systems.
Furthermore, Samsung SDI CEO Choi Yoon-ho asserts that the company will extend all its support to Hyundai in order to help it strengthen its leadership in the international EV market. Genesis is a sub-brand of Hyundai’s luxury automobiles. For Hyundai’s Genesis GV80 SUV, LG is providing support with its webOS Auto operating system. Additionally, WRGB OLED panels for Samsung’s 83-inch OLED TVs are supplied by LG Display.
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