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Hyundai, SK to cooperate in EV battery business

All News 11:09 September 08, 2020

SEOUL, Sept. 8 (Yonhap) -- Hyundai Motor Group and electric vehicle (EV) battery maker SK Innovation Co. said Tuesday they will cooperate in the EV battery business for win-win synergies.

The battery partnership comes as Hyundai and SK Innovation seek to foster future mobility solutions and EV batteries as new growth drivers, respectively.

The two companies recently signed a memorandum of understanding to collaborate in the sale, management services and recycling of EV batteries, Hyundai said in a statement.

"The partnership with SK Innovation will help strengthen the EV competitiveness of Hyundai Motor Group and promote the spread of EVs," a Hyundai official said in the statement.

In this photo, provided by Hyundai Motor Group and taken on July 7, 2020, the group's Executive Vice Chairman Chung Euisun (R) shakes hands with SK Group Chairman Chey Tae-won at SK Innovation's car battery plant in Seosan, 150 kilometers south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)

In July, Hyundai Motor Group Executive Vice Chairman Chung Euisun and SK Group Chairman Chey Tae-won met to discuss cooperation on next-generation EV battery technologies, power management chips, and the "battery-as-a-service (Baas)" platform.

Baas is a breakthrough business model mainly for EV battery rental and replacement services.

Chung and Chey also discussed ways to strengthen the charging infrastructure for all-electric vehicles and hydrogen fuel-cell EVs using SK Group's gas stations and charging stations.

Currently, Hyundai Motor Co. and its affiliate Kia Motors Corp. use SK Innovation Co.'s lithium ion batteries for their plug-in hybrid vehicles and all-electric models.

Moreover, Hyundai designated SK Innovation as a major battery supplier for an electric car that Hyundai is pushing to mass produce based on its own EV platform, called the electric-global modular platform (E-GMP), starting 2021.

At the end of last year, Hyundai Motor Group signed a 10 trillion won (US$8.2 billion) deal with SK Innovation to purchase batteries for 500,000 EVs over the next five years.


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