Hyundai has signed a Memorandum of Understanding with Korean EV battery manufacturer SK On, to secure a battery supply for the North American market.
Under the MOU, SK On will supply batteries to Hyundai’s US plants after 2025, as the Korean automaker aims to bolster its EV presence and sales in the North American Market. The company hopes to sell 3.23 million EVs annually by 2030.
“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 VP of Hyundai Heung-soo 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.”