Tuesday, January 31, 2023
News Hyundai Announces U.S. Battery Partnership With SK On

Hyundai Announces U.S. Battery Partnership With SK On

Hyundai will join with Korean battery co for American supply

  • Hyundai will get batteries from SK On from 2025

  • New US EV plant expected to open that year


Hyundai has signed a new agreement with SK On to help secure EV batteries for its vehicles in North America. The memorandum of understanding outlines the partnership that will see Hyundai vehicles get the batteries after 2024.

“We expect the cooperation between SK On and Hyundai Motor Group to create a big synergy,” SK On Chief Administrative Officer Choi Young-chan said. “Both sides can hold a solid position in the process of electrification in the North American auto market.”

The move comes shortly after new US legislation called the Inflation Reduction Act. Part of the act requires at least 40 percent of the value of some critical battery materials to be sourced in the US or one of its free trade partners in order to qualify for federal EV tax incentives. The law also requires EVs to be assembled in North America to qualify for the credits.

Last month, the Hyundai Group broke ground on a new plant for EVs and battery packs in Georgia. It’s expected to start production in 2025, and the SK On battery cells are the likely candidate for those new vehicles. The Hyundai announcement today read only that SK On will supply batteries to US Hyundai plants from 2025 and that “further details on the cooperation will be revealed at a later stage.”

Hyundai expects to sell 3.23 million EVs per year by 2030. So far this year, it has sold around 135,000 BEV models worldwide.

 

Trending Now

Next-Generation C9 Chevrolet Corvette Coming in 2029

The paint’s barely dried on the C8 and we’re already on the C9. Although still relatively rare, the C8 launched for the 2020...

Production of the Lightyear 0 is Suspended as Focus Shifts to Lightyear 2

The Lightyear 0 entered production less than two months ago. The company says it has no choice other than to stop production to...

Most Popular Cars in the United States in 2022

The Ford F-Series dominates the list of the most popular cars in the United States in 2022. Strong sales gains for Tesla Model...

Audi unveils the Activesphere concept, a spectacular 5-door coupe that transforms into a pickup

The concept is based on the PPE platform. Could Audi build a true offroad EV 4x4? The concept transforms into a pickup truck.   Audi...

Thanks to Car and Driver, we now have a few more information about the Kia Ev9

The base price will be $56,000 in the US. The base engine delivers 200 hp and 250 ft-lb of torque. The most expensive...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.