Lee Jae-yong, chairman of Samsung Electronics; Chung Eui-sun, chairman of Hyundai Motor Group; and Elon Musk, CEO of Tesla, are set to have a dinner meeting this weekend in Paris, according to multiple sources familiar with the matter.
“The three are visiting France during the Paris Olympics and decided to meet to discuss next-generation technology development and explore future cooperation,” they shared.
While Lee and Musk have met several times before, this will be the first meeting between Chung and Musk. Sources said Lee, who is close to both Chung and Musk, proposed the meeting, and both readily agreed.
Lee is known for his frequent public meetings with prominent CEOs. Last May, during his business trip to the U.S., Lee met with Musk at Samsung Electronics’ research center in Silicon Valley. Both Lee and Musk also attended a business luncheon hosted by French President Emmanuel Macron on July 25. Chung, who has has relatively fewer publicized interactions and visiting France as head of the Korea Archery Association, did not attend that luncheon.
Musk, known for his blunt remarks on X (formerly Twitter), reportedly shows a different side in meetings with other business leaders. Despite the competitive relationship with Hyundai Motor, Musk has publicly praised the company on X, saying, “Hyundai is doing pretty well.”
The meeting is expected to cover discussions on electric vehicle batteries, a critical industry for the future. Tesla is leading the development of a cylindrical battery, 46 mm in diameter and 80 mm in length, known as a “game changer” for its ease of mass production. Samsung SDI is also developing cylindrical batteries with a 46 mm diameter, and Hyundai Motor has entered the battery design field. Automakers are increasingly focusing on batteries, which account for 30% to 40% of the cost of electric vehicles, to reduce their reliance on battery manufacturers.
An industry insider noted, “As cars evolve from simple transportation means to wheeled computers, yesterday’s competitors can become today’s collaborators. This collaboration could create new opportunities in parts supply and other areas.”
Industry experts also pointed out the meeting reflects the current trend among South Korean industry leaders. One commented, “The first and second generations of South Korea’s conglomerate leaders focused on solidifying their respective fields or competing with each other, leading to relatively little interaction. However, the third generation has adopted a more cooperative approach, embracing the idea of collaborating where possible and competing where necessary. The blurring boundaries between IT and manufacturing have also made comprehensive cooperation among companies essential.”
