South Korean business unites to strengthen its position in the global electric vehicle market
The South Korean business is consolidating efforts to strengthen its position in the global market for the production of electric vehicles, the Korea Times reports.
So, the largest companies like Samsung, SK and LG are forming an alliance with Hyundai Motor Group to produce competitive electric vehicles using the best practices of all its participants.
Hyundai, which is one of the world's largest automakers, will become the center of the alliance.
Samsung semiconductor solutions for autonomous driving systems, traction batteries SK will be used in the production of electric vehicles. LG, in turn, can become a supplier of information OLED panels and many other electronic solutions.
All this will be installed on Hyundai and Kia electric vehicles, which also belongs to Hyundai.
Thus, by creating a joint coalition with Hyundai, Samsung, SK and LG intend to strengthen their competitiveness in the markets of products for electric vehicles. After all, Samsung annually invests heavily in the development and production of processors designed for vehicles. LG divisions produce a whole range of products for electric vehicles. For example, LG Display produces display panels, LG Innotek — camera modules, LG Magna — power units, and LG Electronics — operating systems and infotainment systems.
The members of the alliance also count on its strengthening as competition in the global electric transport market increases.
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