Samsung and other South Korean conglomerates like Hyundai and LG have been rivals for years. However, they've now come together to improve their competitiveness amid uncertain times. Samsung, Hyundai, and LG have joined hands to collaborate on future growth segments like AI, EV (Electric Vehicle) batteries, and future cars.
Samsung, Hyundai, and LG to collaborate to fend off competition from Chinese firms
According to a report from KoreaTimes, Samsung, Hyundai, and LG have come together to become more competitive by combining their capabilities. Apparently, the companies have thought it's better to collaborate with each other and create synergies rather than compete with each other. These companies have also come together to fend off competition from Chinese firms in the automobile, battery, display, and semiconductor segments.
Samsung SDI has signed a contract with Hyundai to supply P6 batteries for its electric vehicles. Those cars will have a range of 700km on a single charge, and they will be sold in Europe from 2026 to 2032. Samsung Electronics chairman Lee Jae-yong and Hyundai Group chairman Chung Euisun announced at an event at Samsung SDI’s Cheonan plant in May 2020 that they had joined hands for EV batteries. Three years later, the announcement has borne fruit. The companies will continue their collaboration, including the development of next-generation batteries. Samsung Display is offering its OLED panels for infotainment units in Hyundai cars.
Samsung SDI CEO Choi Yoon-ho said the company will do its best to help strengthen Hyundai's leadership in the global EV market through long-term collaboration. LG is also offering its webOS Auto operating system for the Genesis GV80 SUV. Genesis is Hyundai Group's luxury automobile sub-brand. LG Display is also supplying WRGB OLED panels for Samsung's 83-inch OLED TVs.
