Hyundai Motor Group has 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.
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.