Hyundai, Kia Motors & LG Chem Launch Global Competition To Invest In EV & Battery Start-Ups

Hyundai Motor Company, Kia Motors Corporation, and LG Chem are jointly sponsoring the (EVBC) "EV & Battery Challenge". The challenge is a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

The competition will be organized by New Energy Nexus, the international start-up support organization will manage and facilitate the competition. The competition aims to bring out the best of technologies that could be powering the electric vehicles in the near future.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

The demand for electric vehicles is increasing at a rapid pace. As a result, the automobile industry is increasing its investment towards the development of eco-friendly vehicles, specifically EVs. There is a huge need in the development of high-performance, high-efficiency batteries.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

Select start-ups will have the opportunity to work alongside Hyundai, Kia, and LG Chem. Participants can make use of the brand's technical expertise, resources and laboratories to develop proof-of-concept projects.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

The global competition offers start-ups the opportunity to showcase their respective innovative technologies and unique business models. Through the EVBC, all three brands aim to identify and secure core technology capabilities that will bring more value to their customers.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

Also, start-ups who have already developed working prototypes and are building technologies in EV space are encouraged to participate. This includes fleet management, power electronics and components, personalization services and battery management, systems, materials; among others. Those willing to take part in the challenge can apply through www.evbatterychallenge.com between June 22 to August 28.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

The first round of competition will evaluate the applicant's ideas for business feasibility and technology. The ones who make it to the next round will go through virtual interviews in October. In the final round, applicants will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office. Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants during the workshop.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

Hyundai and Kia currently sell a host of electric vehicles across various international markets. In addition to this, Hyundai Motor Group is planning to deploy 44 eco-friendly models by the year 2025, including 23 Electric Vehicles.

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group, said, "We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology."

Auto Manufacturers Launch Global Competition To Invest In EV & Battery Start-Ups

Thoughts About The Hyundai, Kia Motors & LG Chem Launching Global Competition To Invest In EV & Battery Start-Ups

The demand for electric vehicles is growing at a rapid pace across the world. Auto Industry is currently exploring different options to provide ease of use and faster EV adaptations. This includes a high-range, fast charing enabled and cheaper battery pack. However, major auto manufactures have recognised the importance of a start-up that is specifically working in EV space, and aims to bring the best out of the competition.

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Read more on: #auto news
Article Published On: Tuesday, June 23, 2020, 17:24 [IST]
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