UPDATE: In a significant development for the automotive industry, Samsung Electronics Chairman Jay Y. Lee and Mercedes-Benz CEO Ola Källenius met in Seoul on October 12, 2023, to discuss deepening their collaboration on next-generation automotive technologies. This meeting comes at a time when competition in the electric and connected-car market is intensifying globally.
The high-profile gathering took place at LG Electronics’ headquarters, where top executives from major Korean industrial groups, including LG Electronics and HS Hyosung, were present. This underscores a growing trend of Korean conglomerates forging closer ties with the German automaker as the industry shifts towards electrified and software-defined vehicles.
Lee hosted Källenius for a private dinner at Seungjiwon, Samsung’s exclusive guesthouse, marking the occasion as a pivotal moment for their partnership. Previously used by late Chairman Lee Kun-hee for only the most distinguished guests, the venue signals Samsung’s commitment to elevating its relationship with Mercedes from a supplier level to a strategic alliance.
At the dinner, attended by key figures such as Samsung SDI President Choi Ju-sun and Christian Sobottka, CEO of Samsung’s US-based subsidiary Harman, Lee showcased Samsung’s latest advancements in battery technology. Analysts believe these discussions are essential for transitioning their current relationship towards a more integrated partnership, focusing on Samsung’s strengths in semiconductors, OLED displays, and in-car entertainment systems.
Earlier in the day, Källenius met with LG executives, including LG Electronics CEO Cho Joo-wan, to discuss a “full-stack” offering for future vehicles. This includes AI-powered cockpit agents, OLED displays, camera systems for autonomous driving, and comprehensive battery solutions. The partnership between LG and Mercedes has been robust for over two decades, dating back to 2004 when LG Display first supplied vehicle screens to the automaker.
Cho emphasized the importance of this strategic partnership: “We aim to reinforce our strategic partnership with Mercedes-Benz, based on proven technology and trust in the global market.” Källenius echoed this sentiment, praising LG’s innovative capabilities and highlighting the company as a primary partner for new ventures.
As these discussions unfold, they signal a critical shift in the automotive landscape, where collaboration between tech giants and traditional car manufacturers is becoming vital for innovation. The immediate focus will be on how these companies can leverage their combined resources to lead in the evolving electric vehicle sector.
With the automotive industry rapidly changing, this meeting is a clear indicator of the direction leading companies are taking to stay competitive. Industry observers will be watching closely for further announcements and developments from this powerful alliance.
Stay tuned for more updates as this story progresses, and share your thoughts on the emerging partnerships shaping the future of mobility.
