MOU between Hyundai Motor Group and SK on [Photo provided by Hyundai Motor Group]
South Korea’s Hyundai Motor Group will beef up its electric vehicle (EV) production in North America with batteries from SK on, one of Korea’s top 3 battery producers.
Hyundai Motor Group said on Tuesday it signed a memorandum of understanding (MOU) with SK on, secondary battery making unit under Korea’s second largest conglomerate SK Group, to secure a supply of EV batteries in North America.
Under the MOU, SK on will aim to provide batteries to Hyundai Motor Group’s EV-dedicated plant under construction in Georgia, the United States after 2025. Further details, including supply volume and timing, will be discussed at a later stage.
“We will be able to further accelerate our efforts to secure EV leadership in the North American market,” Kim Heung-soo, executive vice president and head of Corporate Future Growth Planning Division & EV Division of Hyundai Motor Group, said during the MOU signing ceremony held at SK Group Headquarters in Seoul on Tuesday. “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,” responded SK on’s Chief Administrative Officer Choi Young-chan. “Both sides can hold a solid position in the process of electrification in the North American auto market.”
Hyundai Motor Group has set a target to sell 3.23 million full electric vehicles annually across the globe by 2030. As part of its electrification push, it is building an EV-dedicated plant in the U.S. that will churn out EV models of all Hyundai Motor Co., Kia Corp. and Genesis.
By Minu Kim
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