Samsung, Hyundai Chiefs Meet Again to Talk Cooperation

Published on 2020/07/26 | Source

The burgeoning bromance between Samsung chief Lee Jae-yong and Hyundai chief Chung Eui-sun continued Tuesday at Hyundai's research center in Namyangju, Gyeonggi Province, where the two former archrivals met to discuss cooperation in future mobility.

They met for the first time in May, when Chung visited Samsung's factory in Cheonan, South Chungcheong Province to discuss the development of electric-car batteries.

The two tycoons looked into cooperative projects in next-generation mobility, ranging from electric cars to self-driving vehicles and urban aerial mobility.

Automaker Hyundai's envisioned future business areas coincide with Samsung's new growth engines of automotive parts, artificial intelligence and 5G communications technology.

Lee announced plans in August of 2018 to invest W180 trillion into AI, 5G, biotech and car parts over the next three years and hire 40,000 workers (US$1=W1,197).

Industry watchers say a synergy between the two conglomerates could yield major effects. One senior industry insider said, "Domestic competition has become meaningless in an era of unlimited global competition across borders and industries".

The insider added that increased cooperation between corporate chiefs, which also includes SK Group chairman Chey Tae-won and LG chairman Koo Kwang-mo, raises the possibility of unprecedented synergy between Korean conglomerates, which have traditionally been at war as they vied for a finger in every pie.