A memorandum of understanding (MoU) has been signed between the Hyundai Motor Group and electric vehicle (EV) battery manufacturer SK On to secure a supply of EV batteries in North America.
The MoU – which was signed at the SK Group headquarters in Korea – will see both parties cooperating to deliver SK On batteries to Hyundai’s manufacturing plants in the USA for EV production after 2025. Additional details of this will be revealed in the coming months.
The vehicle OEM is currently accelerating its electrification efforts and aims to sell 3.23m all-electric vehicles each year by 2030. To achieve this target, Hyundai plans to establish a global EV production network to ensure a stable supply of Hyundai-branded EVs internationally.
“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 Heung-soo. “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,” said Choi Young-chan, chief administrative officer, SK On. “Both sides can hold a solid position in the process of electrification in the North American auto market.”