Hyundai Motor Group and SK Innovation to explore business opportunities across battery value chain

Hyundai Motor Group and SK Innovation plan to cooperate in diverse business areas related to the EV battery industry, including battery sales solutions, battery management service and battery reuse and recycling.

The companies said in a press release that the cooperation will focus on Battery as a Service (BaaS), which includes lease or rental service.  Both companies will work to strengthen the stability of the battery supply chain and create a cycle of resources from recycling to production hence 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.

As a result, the cooperation is expected to catalyse the spread of diverse cooperation systems between mobility and battery companies and explore new business opportunities across the whole battery value chain. The companies believe that the cooperation will play a positive role in strengthening Hyundai-Kia’s competitiveness in clean mobility as well as expanding the supply of eco-friendly EVs.