|   Business


  |   Business


Hyundai, SK chiefs discuss future partnerships in EV batteries

Chey: SK's partnership with Hyundai Motor would boost the Korean economy.

SK Group Chairman Chey Tae-won and Hyundai Motor Group Executive Vice Chairman Chung Euisun discussed future partnerships in next-generation EV technologies, including lithium-metal batteries at SK Innovation’s electric vehicle battery plant in Seosan on Tuesday.

Other executives from both groups attended the meeting.

Chey said that their partnership with Hyundai Motor and its sister company Kia Motors, would give a boost not only to both groups but also to the Korean economy.

According to Chung, they will expand collaborations with companies with world-class technology.

Hyundai Motor is looking for next-generation batteries for its EVs, unmanned aerial vehicles, and personal aerial vehicles currently being developed,

SK Innovation supplies batteries for Hyundai Motor’s plug-in hybrid vehicles and Kia Motors’ Niro EVs and Soul EVs.

Chung has been meeting with top conglomerates leaders involved with EV batteries, namely LG Group Chairman Koo Kwang-mo and Samsung Electronics Vice Chairman Lee Jae-yong, to discuss technological advances.

Chung’s meetings with the EV battery makers are perceived as efforts to ensure a stable supply of EV batteries.

According to SNE Research, the global demand for batteries is expected to reach 916 gigawatt-hours in 2023, overtaking the supply of 776 gigawatt-hours.

Hyundai is scheduled in 2022 to begin the mass production of pure EVs based on its Electric-Global Modular Platform (E-GMP).

The new platform will allow loading batteries under the car’s floor instead of inside the engines.

In December last year, Hyundai selected SK Innovation to supply the first batch of batteries for its 500,000 pure EV models for five years, starting late 2021 in a deal worth 10 trillion.

Hyundai Motor is seeking to become one of the world’s top three EV makers in 2025 by selling 560,000 EVs and hydrogen fuel cell EVs.

Meanwhile, Kia Motors is aiming to sell 500,000 EVs globally, excluding the Chinese market.

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