Hyundai Motor and Kia Partially Sell SK On Battery Priority Supply Rights
Hyundai Motor Company announced on the 27th that it will sell a portion of the priority supply rights for batteries secured after making facility investments in SK On to its group affiliate Kia.
Hyundai Motor Company approved this proposal at the board meeting held on the same day.
The transaction amount is 115.1 billion KRW, and the sale is expected to take place next month.
Previously, Hyundai Motor Company made facility investments in a dedicated line within the SK On battery factory and received priority supply rights for the volume.
This sale involves a portion of those rights, but the specific battery factory has not been disclosed.
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Meanwhile, Hyundai Motor Group and SK On continue to cooperate in battery production and supply, including establishing joint venture factories.
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