Samsung Electronics Chairman Lee Jae-yong met Hyundai Motor Group Chairman Chung Eui-sun and Toyota Group Chairman Akio Toyoda on Oct. 27 during the “Hyundai N x TOYOTA GAZOO Racing” festival held at Everland Speedway in Yongin, Gyeonggi Province.
Hyundai and Toyota jointly organized the event to promote motorsports. Sources revealed that this was the first public meeting between Chung and Toyoda. Lee, Chung, and Hankook and Company CEO Cho Hyun-bum were spotted watching the rehearsal for the event.
Industry insiders interpret Lee’s attendance as Samsung Group’s strategic effort to strengthen partnerships with the automotive industry. South Korea’s largest conglomerate aims to expand its automotive electronics business, which produces electronic systems for vehicles. In 2017, Samsung Electronics acquired Harman in a $8 billion deal to boost its automotive electronics business.
In September, Samsung Electronics announced the development of the industry’s first PCIe 4.0 automotive SSD, the AM9C1, based on eighth-generation V-NAND. “We are collaborating with global autonomous vehicle makers to provide high-performance, high-capacity automotive products,” said Cho Hyunduk, Vice President and Head of Automotive Group at Samsung Electronics’ Memory Business.
