[Exclusive] Hyundai Motor-SK Join Hands on Battery Service... Chung Euisun's 'Chairman Meeting' First Result

Hyundai Motor and SK Sign MOU on BaaS
First Collaboration Case After Battery Three Companies' Consecutive Meeting

On the 7th, at the SK Innovation battery production plant in Seosan, Chungnam, Hyundai Motor Group Vice Chairman Chung Eui-sun met with SK Group Chairman Chey Tae-won (Photo by Hyundai Motor Group).

[Asia Economy Reporters Suyeon Woo, Jihui Kim] The series of meetings between Hyundai Motor Group Vice Chairman Chung Euisun and the heads of the four major conglomerates to form a 'Team Korea' for future mobility business has borne its first fruit. The first partner Vice Chairman Chung reached out to was SK Group, considered a latecomer among the three major domestic battery companies. The business community anticipates that cooperation projects among Hyundai Motor, SK, Samsung, and LG Group will become more concrete starting with Hyundai and SK. ▶Related article on page 10

According to industry sources on the 29th, recently, Jiyoung Jo, Head of Strategy and Technology at Hyundai Motor Group, and Dongsup Ji, CEO of SK Innovation's Battery Business, met and signed a Memorandum of Understanding (MOU) related to BaaS (Battery as a Service). BaaS is a battery service platform that encompasses the entire process from battery production to rental, exchange, and reuse, and is considered one of the key businesses to accelerate the popularization of electric vehicles.

This MOU is particularly noteworthy as it is the first confirmed collaboration following Vice Chairman Chung's consecutive meetings with Samsung Electronics Vice Chairman Lee Jae-yong in May, LG Group Chairman Koo Kwang-mo, and SK Group Chairman Chey Tae-won. Earlier this month, Vice Chairman Chung met with Chairman Chey at SK Innovation's battery production plant in Seosan, Chungnam Province, to discuss future business cooperation plans including the BaaS project, power semiconductors, and lightweight new materials.

SK Innovation is regarded as a latecomer in the battery sector compared to Samsung SDI and LG Chem. However, by joining the Hyundai Motor Group-centered battery alliance first after the meetings, it appears to have secured a close relationship with Hyundai Motor Group, which is aiming to dominate the future car market.

Already, in December last year, SK Innovation secured the initial battery supply for Hyundai Motor's 'NE' and Kia's CV, both based on the electric vehicle-exclusive platform (E-GMP), worth about 10 trillion won over five years. The second batch of supply went to LG Chem, but it is highly anticipated that SK Innovation will also win the third batch of E-GMP battery orders, expected to be placed as early as the second half of this year. If this happens, SK Innovation's presence as a key battery supplier within Hyundai Motor Group will grow even stronger from next year onward. Additionally, SK Innovation is also discussing cooperation on flying vehicles for the realization of Urban Air Mobility (UAM), a core pillar of Hyundai Motor's future mobility vision.

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