Hyundai partners with SK On to secure EV battery supply in North America

MANILA: In order to guarantee a supply of electric vehicle batteries in North America, Hyundai Motor Group has inked a memorandum of understanding (MOU) with leading electric vehicle battery producer SK On Co., Ltd.

Hyundai Motor Group Executive Vice President and Corporate Future Growth Planning Division and Electric Vehicle Division Head Heung-soo Kim and SK On Chief Administrative Officer Young-chan Choi participated in the MOU signing at SK Group Headquarters in Korea.

According to the MOU, both companies will work together to supply SK On batteries to Hyundai Motor Group's electric vehicle manufacturing facilities in the US after 2025. Further information on the partnership will be released at a later stage.

“Through the EV battery MOU, we will be able to further accelerate our efforts to secure EV leadership in the North American market. We expect the stable supply of EV batteries from SK On will also enable us to contribute to emissions reduction and meet climate goals in the market,” Kim stated.

“We expect the cooperation between SK On and Hyundai Motor Group to create a big synergy,” Choi said. “Both sides can hold a solid position in the process of electrification in the North American auto market.”

Hyundai Motor Group's global target is to sell 3.23 million fully electric vehicle units annually by 2030, thus it is stepping up its electrification efforts. Hyundai Motor Group aims to establish a global electric vehicle production network in order to achieve this goal, which will guarantee a consistent supply of electric vehicles worldwide.

Photo from Hyundai Motor Group

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