MoU, Hyundai And SK On Handling The EV Battery Suplai To North America

Hyundai Motors Group has signed a memorandum of understanding (MoU) with SK On, the world's fifth-largest electric vehicle battery manufacturer, to strengthen the electric vehicle battery supply chain (EV) in North America.

Not only that, in a statement by SK Innovation Ltd., on the Skinnonews website, SK On also said, the two companies will work together to provide their batteries to the Hyundai Motor Group Metaplant America (HMGMA) factory in Georgia starting in 2025.

The goal is to meet the requirements of new US electric vehicle tax credits. In accordance with the US Inflation Reduction Act in August, which will require automakers to get certain percentages of essential minerals for their EV batteries from the United States or US free trade partners.

The MoU signing ceremony took place at the SK Group Headquarters in Jongno, Seoul, Korea, on November 29. Attended by SK On Chief Administrative Officer, Choi Young-chan, Executive Vice President of Hyundai Motor Company and Head of Corporate Future Growth Planning Division & EV Division, Kim Heung-soo, and other representatives from the two companies.

This memorandum of understanding is also expected to further strengthen the partnership between the two companies. The SK On battery is already installed at Hyundai IONIQ 5, IONIQ 6, and Kia EV6. Further details about the cooperation will be disclosed at the next stage.

We hope that the collaboration between SK On and Hyundai Motor Group can create great synergy. With the latest MoU, both parties can hold a solid position in the electrification process in North America's automotive market," said Choi.

On the other hand, Hyundai Motor Executive Vice President Kim hopes that with this EV battery MoU, they can further accelerate the growth of US market EVs.