Samsung, Hyundai, and LG are three well-known South Korean businesses that have a long history of being bitter competitors across a range of industries.
Samsung, Hyundai, and LG Working Together Reports
Recent reports from industry experts suggest that major organizations are collaborating more often to achieve success in areas where their combined capabilities can surpass the efforts of individuals. Businesses are exploring synergistic opportunities as sector borders become more hazy and overlap, leading to this strategy change.
Samsung, Hyundai, and LG have joined forces, according to a KoreaTimes story, in order to pool their resources and increase their competitiveness. It would appear that the businesses have decided against competing with one another in favor of working together and developing synergies. Additionally, these businesses have banded together to counteract competition from Chinese enterprises operating in the automotive, battery, display, and semiconductor industries.
Hyundai has an agreement with Samsung SDI for the supply of P6 batteries for its electric cars. From 2026 to 2032, those vehicles—which have a 700 km range on a single charge—will be offered for sale throughout Europe.
Chairmans of Samsung Electronics Lee Jae-Yong and Hyundai Group Chung Euisun declared their collaboration on EV batteries in May 2020 at a gathering held at SDI’s Cheonan facility. The announcement has proven successful three years later. The firms are going to keep working together, even on developing batteries for the next generation. Hyundai automobile infotainment systems can use Samsung Display’s OLED screens.
Samsung, Hyundai, LG, and other conglomerates are embracing cooperation as a critical growth engine as industry borders continue to blur. These organizations are well-positioned to establish a dynamic ecosystem that will drive innovation and breakthroughs in critical industries, resulting in a more affluent and competitive future, by collaborating and capitalizing on each other’s strengths.
