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Hyundai partners with SK On for North American EV battery supply

Published 11/29/2022, 10:26 AM
Updated 11/29/2022, 10:50 AM
© Reuters.  Hyundai partners with SK On for North American EV battery supply
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By Michael Elkins

Hyundai Motor (KS:005380) announced today that they have signed a memorandum of understanding with leading EV battery manufacturer, SK On Co. The memorandum allows the South Korean vehicle maker to secure a supply of EV batteries for use in North America.

The signing of the MOU took place at SK Group Headquarters in Korea, participated by Heung-soo Kim, Executive Vice President and Head of Corporate Future Growth Planning Division & EV Division of Hyundai Motor Group and Young-chan Choi, Chief Administrative Officer of SK On.

Hyundai is currently promoting plans to produce EV models in the United States through Hyundai Motor's Alabama Plant, Kia's Georgia Plant, and the Hyundai Motor Group New Plant (HMGMA). Meanwhile, SK On is currently operating its own EV battery factory in Georgia.

“Through the EV battery MOU, we will be able to further accelerate our efforts to secure EV leadership in the North American market,” said Executive Vice President Kim. “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.”

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

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