(Reuters) - South Korea's Hyundai Motor Group and battery maker LG Chem Ltd (KS:051910) on Monday launched a global contest to identify up to 10 electric vehicle and battery startups for potential investment and development of environment-friendly automobiles.
The companies said they aim to select startups with technological capabilities to help the development of future non-polluting cars through the competition, called 'EV and Battery Challenge'.
Automakers world over are making massive investments in zero-emission and self-driving technology as they look to move away from traditional internal combustion engines that produce carbon emissions to tackle global warming.
Hyundai Motor Group, which includes Hyundai Motor Co (KS:005380) and sister company Kia Motors (KS:000270), has earlier said it plans to deploy 44 eco-friendly automobiles by 2025, including 23 electric vehicles.
Earlier this year, LG Chem was chosen https://in.reuters.com/article/hyundai-motor-lg-chem-electric-batteries/hyundai-motor-group-to-get-electric-vehicle-batteries-from-lg-chem-idINKBN23322X as one of the battery suppliers for Hyundai Motor Group's upcoming new electric vehicles.
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.