Hyundai Inks MOU With SK On For EV Battery Supply

Hyundai Motor Group HYMTF has signed a memorandum of understanding (MOU) with the Seoul-based battery maker SK On Co., Ltd. to supply EV batteries in North America.
Under the agreement, SK will provide batteries to Hyundai’s EV plants in the U.S. after 2025.
Through the arrangement, Hyundai aims to bolster its EV presence in the North American market and accelerate its battery electric vehicle (BEV) sales.
"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,” said Heung-soo Kim, EVP and Head of Corporate Future Growth Planning Division & EV Division of Hyundai.
The U.S. Inflation Reduction Act pushes EV makers to produce vehicles in North America and secure key minerals for batteries outside China.
Hyundai is accelerating electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030.
Price Action: HYMTF shares closed lower by 2.98% at $29.60 on Monday.
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