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Hyundai Motor and SK On have joined forces for battery supply cooperation in the United States. They signed the memorandum of understanding (MOU) on Tuesday, Nov. 29, at the SK Group Headquarters in South Korea.
SK On’s chief administrative officer, Choi Young Chan and Hyundai Motor Group’s executive vice president and head of corporate Future growth planning and EV division, Kim Heung Soo, attended the signing ceremony.
The companies said this is a strategic partnership that will secure battery supply for North America. Through the agreement, Hyundai Motor is also aiming to boost its presence in the electric vehicle market in the said region and scale up sales of its battery electric vehicle (BEV) as well.
As part of the deal, SK On will be providing the batteries to Hyundai Motor’s production plant in Georgia starting in 2025. These will be fitted to the automaker’s upcoming EV models that will be produced in this facility.
Korea Joongang Daily reported that the company’s plant is still being built, and this will be Hyundai’s first EV-dedicated facility. Mass production is expected to begin at some point in 2025.
There is a possibility for the expansion of the deal that will allow SK On and Hyundai Motor to jointly build a joint battery facility. If this is not the case, the other possibility is for the latter to source more types of batteries from the former for its other plants in the U.S.
The batteries are set to be made in SK On’s existing plant in Georgia. The battery manufacturing arm of the SK Group is building a second facility in the same state, so this will be an additional site to boost its production.
It was noted that the companies still need to polish the details of their deal, which means it has not been fully settled yet. Thus, more information about the partnership is expected to be revealed later.
“Through the EV battery MOU, we will be able to further accelerate our efforts to secure EV leadership in the North American market,” Hyundai Motor’s EVP Kim Heung Soo said in a press release. “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.”
Finally, SK On’s CAO, Choi Young Chan, added that they expect the cooperation between their company and HMG to create a big synergy and eventually hold a solid position in the North American EV market.
