Hyundai Motor Group (the Group) today signed a memorandum of understanding (MOU) with SK On Co., Ltd., a leading electric vehicle (EV) battery manufacturer, to secure a supply of EV batteries in North America.
The signing of the MOU took place at SK Group Headquarters in Korea, participated 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 of SK On.
Under the MOU, both parties will cooperate to provide SK On batteries to the Group’s plants in the U.S. after 2025 for the EV production. Further details on the cooperation will be revealed at a later stage.
“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. “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,” SK On Chief Administrative Officer Choi Young-chan said. “Both sides can hold a solid position in the process of electrification in the North American auto market.”
Hyundai Motor Group is accelerating electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030. To realize this goal, the Group plans to establish a global EV production network that will ensure a stable supply of EVs around the globe.