Hyundai Motor is said to be expediting efforts of electrification with a global target to sell 3.23 million full EVs annually by 2030
Hyundai Motor Group signs MoU with SK On to strengthen the EV battery supply chain in North America. (Credit: Hyundai Motor Company)
Hyundai Motor Group has signed a memorandum of understanding (MoU) with South Korean electric vehicle (EV) battery manufacturer SK On to bolster the EV battery supply chain in North America.
Under the terms of the MoU, SK On’s batteries will be supplied to the South Korean automotive manufacturer’s plants in the US after 2025 for the production of EVs.
Hyundai Motor is said to be expediting efforts to drive electrification in its vehicles with a global target to sell 3.23 million full EVs annually by 2030.
The automotive major will produce various EV models in the US through its Hyundai Motor Group New Plant (HMGMA), Kia Georgia Plant (KaGA), and Hyundai Motor Alabama Plant (HMMA).
Hyundai Motor Group executive vice president Heung-soo Kim said: “Through the EV battery MOU, we will be able to further accelerate our efforts to secure EV leadership in the North American market.
“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.”
SK On had recently signed contracts with various resource development firms in countries including Australia and Chile to secure lithium, a key material for manufacturing EV battery cells.
The battery manufacturer is presently operating its own battery factory in Georgia, US.
SK On chief administrative officer Choi Young-chan said: “We expect the cooperation between SK On and Hyundai Motor Group to create a big synergy. Both sides can hold a solid position in the process of electrification in the North American auto market.”
Recently, Hyundai Motor broke ground on its new $5.54bn EV and battery manufacturing plant dubbed Metaplant America at the Bryan County Mega site in Georgia, US.