South Korea's Hyundai Motor Group and battery maker LG Chem Ltd. on Monday launched a global contest to identify up to 10 electric vehicle and battery startups for potential investment and development of green vehicles.
The companies want to select startups with technological capabilities to help the development of future non-polluting vehicles through the competition, called "EV and Battery Challenge."
Automakers are making massive investments in zero-emission and self-driving technology as they look to move away from traditional internal combustion engines.
Hyundai Motor Group, which includes Hyundai Motor Co. and sister company Kia Motors Corp., has said it plans to deploy 44 eco-friendly vehicles by 2025, including 23 EVs.
Earlier this year, LG Chem was chosen as one of the battery suppliers for Hyundai Motor Group's new EVs.
Applications for the competition are open through Aug. 28.
"Start-ups that have working prototypes and are building technologies in EV charging and fleet management, power electronics and components...are strongly encouraged to participate," the companies said.
Hyundai and LG Chem also are considering establishing an EV battery cell manufacturing joint venture in Indonesia, a person with direct knowledge of the matter told Reuters on Tuesday.
The size of investment or capacity have not been decided, said the person, declining to be identified as discussions are private.