South Korea’s Samsung SDI has made a deal with Hyundai Motor to supply batteries for seven years for their electric vehicle (EV). Starting in 2026, this will be the first-ever deal between the two companies.
Samsung SDI said in a statement that this is the first-ever partnership between Hyundai Motor Group and Samsung in the field of EV batteries. The details of the deals were not disclosed by Samsung.
They did not disclose the size of the deal but it is expected that, within next seven years they will work on more than 500,000 EV batteries.
The supplier of batteries to General Motors Co, Stellantis, and BMW further added that they will supply EV batteries for Hyundai Motors from its factory in Hungry from 2026 through 2032.
As the size of the deal is not disclosed by either company, this number could be around 500,000 EVs batteries in the next seven years.
A few weeks ago, Samsung SDI said they are planning to invest around $2 billion to build a EV battery plant with Stellantis in the US as joint venture. The production of the joing EV battery platn will start production in 2027.