Hyundai Motor Group, SK Innovation to Collaborate on Development of EV Battery Industry Ecosystem
Hyundai Motor Group and SK Innovation Co. have agreed to cooperate in the development of a sustainable ecosystem for electric vehicle (EV) batteries that are key to the future mobility industry. The two parties had announced to cooperate in diverse business areas related to the EV battery industry, including battery sales solutions, battery management service, and battery reuse, and recycling.
With this partnership both these parties aim to strengthen the stability of the battery supply chain and create a virtuous cycle of resources from recycling to production; reduce carbon emissions; encourage optimal design that connects EVs and battery reuse, and create synergies by maximizing added value through the optimal design of batteries.
Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group said, “Hyundai Motor Group’s cooperation with SK Innovation, a first-tier battery supplier for our Electric Global Modular Platform (E-GMP) that will be introduced in 2021, marks a critical first step in maximizing synergies between mobility and battery companies. We expect our cooperation to play an immensely positive role in strengthening Hyundai-Kia’s competitiveness in clean mobility as well as expanding the supply of eco-friendly EVs.”
These two companies will be seeking solutions that can maximize the value and eco-friendliness of EV batteries, including reuse of batteries that are no longer useable in vehicles in diverse applications such as the Energy Storage Systems (ESS); and battery recycling that extracts economically valuable metals such as lithium, nickel, and cobalt. These innovations are expected to enhance the value and competitiveness of the battery recycling industry, which will buttress the future EV era.
Furthermore, Hyundai Motor Group and SK Innovation plan to synergize their respective affiliates’ business infrastructures and capabilities spanning diverse industries, thereby strengthening their battery competitiveness and expanding the growth of related sectors. The Group, via the collaboration with SK Innovation Co., plans to fundamentally reinforce its technological competitiveness by securing technology and infrastructure and expand its business areas.