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.
  • Photo Via Company
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