Hyundai, LG Chem draw contest to invest in EV and battery startups

(Reuters) - South Korea's Hyundai Motor Group and battery maker LG Chem Ltd <051910.KS> 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 <005380.KS> and sister company Kia Motors <000270.KS>, 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.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Shinjini Ganguli)