Hyundai and LG Chem hunt for electric vehicle and battery startups

Hyundai Motor Group and battery heavyweight LG Chem are launching a global competition to find and finance battery and electric vehicle startups.

How it works: The "EV & Battery Challenge" aims to identify up to 10 startups to collaborate with and "develop proof-of-concept projects while leveraging the sponsors’ technical expertise, resources and laboratories."

• They're targeting startups in areas including electric vehicle charging, power electronics, battery systems and materials, and recycling.
• The nonprofit group New Energy Nexus, which works with clean energy entrepreneurs, will manage the competition.

Why it matters: Monday's announcement underscores how auto companies making big investments in electric vehicles know they need better tech and outside help to make it pay off in the increasingly competitive space.

Where it stands: Hyundai, which sells cars under its eponymous and Kia brands, and LG Chem did not say how much funding they plan to provide.

• Hyundai plans to have 23 EVs in its lineup by 2025 and, per Reuters, LG Chem will be among the suppliers for the models.