"Hyundai Motor and SK Join Forces to Target North American Electric Vehicle Market"

Kim Heung-soo, Vice President and Head of Future Growth Planning Office and EV Business Division at Hyundai Motor Group (left in the photo), and Choi Young-chan, Chief of Management Support at SK On, are posing for a commemorative photo after signing a Memorandum of Understanding (MOU) on the 29th.

[Asia Economy Reporter Choi Daeyeol] Hyundai Motor Group and SK On signed a memorandum of understanding (MOU) on electric vehicle battery supply in North America on the 29th.

Kim Heungsu, Head of Future Growth Planning and EV Business Division at Hyundai Motor Group, and Choi Youngchan, Chief of Management Support at SK On, signed the MOU at the SK Group headquarters and agreed to join forces to target the North American electric vehicle market.

Based on this partnership, SK On will supply electric vehicle batteries to Hyundai Motor Group from 2025 onwards. Specific details such as supply volume, cooperation format, and supply timing will be discussed later. Hyundai Motor Group is currently constructing an electric vehicle-dedicated factory in the United States, aiming to start operations in the first half of 2025. The existing factory will also gradually increase electric vehicle production volume starting this year.

Kim Heungsu said, "This battery supply agreement in the North American region will accelerate our efforts to capture the electric vehicle market," adding, "We expect to secure market leadership based on stable supply through cooperation between the two companies." Chief Choi said, "The cooperation between the two companies will create great synergy," and "Both companies will be able to establish a solid position in the electrification process of the North American automobile market."

This content was produced with the assistance of AI translation services.