The future of automobiles in the country is now that of electric cars and big car manufacturers are finding new ways for electric vehicle and battery technology. One of these methods can be to identify and collaborate with promising battery and electric vehicle startups. Among them, a trio of big Korean companies, Hyundai Motor Corporation, Kia Motors Corporation and LG Chem will do the same. These companies have decided to jointly sponsor the EV & Battery Challenge (EVBC), a global scale competition aimed at identifying the top 10 EV and battery startups around the world for potential investment and collaboration. A company named 'New Energy Nexus', which is an international startup support organization will manage the competition.
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The idea of this competition is to offer a platform where electric vehicles and battery startups can showcase their technology and business models. The three sponsoring companies will look to identify core technology and capabilities to deliver superior value to their new products and customers. The top 10 startups will work with Hyundai, Kia, and LG Chem on 'proof-of-concept' projects and will also utilize the technology expertise, resources, and laboratories of these companies. Hyundai Motor Group will launch 44 eco-friendly models by the year 2025 with 23 electric vehicles.
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In his statement, Hyundai Motor Group President and Chief Innovation Officer, Youngcho Chi said, "We are expanding our collaboration with startups that have promising and innovative ideas. We look forward to working with various start-ups, which will lead the EV market and next-generation battery innovation globally, with a joint program with LG Chem, which features world-class battery technology."