The heads of Hyundai Motor Group and Lotte Group held a meeting on Wednesday, people familiar with the matter said, in an apparent move to explore potential business partnership between the two major conglomerates.
Hyundai Motor Chairman Chung Euisun met with Lotte Group Chairman Shin Dong-bin in Lotte Chemical's factory in Uiwang, just south of Seoul, according to the people.
The factory houses a research and development center for synthetic resins used in cars, as well as materials for construction and interior.
The meeting sparked speculation that the two business leaders may have discussed the use of Lotte's advanced materials in Hyundai's vehicles, though the purpose of their meeting is not yet known.
It is the latest in a series of meetings Chung has held with chiefs of three other conglomerates -- Samsung, SK and LG -- this year to discuss ways to collaborate on the electric vehicle business and other future mobility platforms.
The three conglomerates have battery-making subsidiaries -- Samsung SDI, SK Innovation and LG Chem. (Yonhap)
Hyundai Motor Chairman Chung Euisun met with Lotte Group Chairman Shin Dong-bin in Lotte Chemical's factory in Uiwang, just south of Seoul, according to the people.
The factory houses a research and development center for synthetic resins used in cars, as well as materials for construction and interior.
The meeting sparked speculation that the two business leaders may have discussed the use of Lotte's advanced materials in Hyundai's vehicles, though the purpose of their meeting is not yet known.
It is the latest in a series of meetings Chung has held with chiefs of three other conglomerates -- Samsung, SK and LG -- this year to discuss ways to collaborate on the electric vehicle business and other future mobility platforms.
The three conglomerates have battery-making subsidiaries -- Samsung SDI, SK Innovation and LG Chem. (Yonhap)
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