Hyundai Motor, Lotte Group chiefs to discuss auto materials alliance

Chung Euisun and Shin Dong-bin. [Photo by each company]

Hyundai Motor Group chair Chung Euisun who has been eager in building alliance on the domestic front on future mobility and value chain is meeting Lotte Group chairman Shin Dong-bin to tap areas of cooperation with the fifth largest conglomerate strong in chemicals.

According to industry sources on Tuesday, Chung is scheduled to drop by Lotte Advanced Material’s Euiwang plant in Gyeonggi Province on Wednesday afternoon for a tour hosted by Shin.

The Euiwang plant is Lotte Advanced Material’s R&D base for new materials, which can be used in car exterior and interior parts, including high functional thermoplastic materials such as acrylonitrile butadiene styrene (ABS), polypropylene (PP) and polycarbonates (PC).

“Chung will be able to check new materials for electric vehicles and hydrogen cars during his visit to the plant this time,” said an industry expert.

Chung’s meeting with Shin comes after his one-on-one get-togethers with heads of all three battery majors from the country’s top business groups this year – Samsung, LG and SK. After the achievement in power ammunition for EV batteries, Chung now is aiming to expand his reach to materials front as well.

Chung and Shin, the two heads of the country’s No.2 and No.5 business groups, had their first one-on-one meeting in 2017 when Hyundai Motor was planning to construct its ambitious 105-story headquarters building expected to become a new landmark in southern Seoul.

Chung visited 556m-high, 123-story Lotte World Tower and asked advice from Shin about the skyscraper construction and operation.

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