Hyundai Motor Group recently signed a memorandum of understanding with SK On Co., Ltd to supply electric vehicle batteries in North America.
The signing of the MOU took place at the SK Group Head Office in Korea, attended by Heung-soo Kim, Executive Vice President and Head of Corporate Future Growth Planning Division & EV Division of Hyundai Motor Group and Young-chan Choi, Chief Administrative Officer SK Pada.
Through the agreement, SK On will provide electric vehicle batteries to the Group’s US factories after 2025. Further details on the cooperation will be disclosed at a later stage.
“Through the EV battery MOU, we will be able to further accelerate our efforts to secure EV leadership in the US market,” said Executive Vice President Kim. “We hope that SK On’s steady supply of EV batteries will also enable us to contribute to reducing emissions and meeting climate targets in the US market.”
“We hope that the collaboration between SK On and the Hyundai Motor Group can create great synergies,” said Chief Administrative Officer SK On, Choi Young-chan. “Both sides can hold a solid position on the electrification process in the North American auto market.”
Hyundai Motor Group is accelerating its electrification efforts with a global target to sell 3.23 million fully electric vehicles annually by 2030. To realize this goal, the Group plans to build a global EV production network that will ensure a stable supply of EVs worldwide.
