Volvo Cars Q2 Profit Falls as Automaker Bets on EX60 EV to Drive Recovery 
SpaceX Aborts Starship Test Flight as Engine Issue Delays Launch 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
Hyundai Takes Full Control of Boston Dynamics to Accelerate Humanoid Robot and AI Strategy 
Apple Intelligence Cleared for China as Alibaba and Baidu AI Power iPhone Features 
Jamie Dimon Warns Anthropic's Mythos AI Poses National Security Risks 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
NY Times Challenges Trump Administration Subpoenas Over Air Force One Report 
SpaceX Eyes Pentagon AI Deal as Cloud Pricing Strategy Pressures CoreWeave 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
GameStop Raises eBay Stake to 9.8% as Ryan Cohen Pushes $56 Billion Takeover Bid 
Sam Altman Admits OpenAI Missteps, Promises Major AI Comeback Focused on User Freedom 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
BHP Q4 Iron Ore Output Rebounds as Copper Prices Boost Revenue 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
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.
