Gold
Pact inked between Hyundai, SK On for EV battery partnership
Hyundai Motor Group said it has signed an initial pact with car battery maker SK On to secure batteries for its dedicated electric vehicle (EV) plant in the United States.
The two South Korean companies have signed a memorandum of understanding for the supply of batteries and future business opportunities in the U.S. EV market, Hyundai Motor Group said in a statement.
Under the "strategic partnership," SK On plans to begin supplying its batteries for EVs to be built at Hyundai Motor Group Metaplant America (HMGMA) in the state of Georgia in 2025, it said.
The group said actual construction on the 300,000-unit-a-year EV facility will start in the first half of next year with a goal of commencing production in the first half of 2025.
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