Hyundai To Buy More Batteries For E-GMP EVs From CATL And SK Innovation

Both suppliers were already included in the previous orders.

According to the latest reports from South Korea, Hyundai has selected SK Innovation and CATL as battery suppliers for  he“third batch” of electric cars based on the all-new E-GMP platform (like the Hyundai Ioniq 5).

According to The Elec, the new deal is about EVs scheduled for market launch after 2023. There were so far three batches for E-GMP:

  • First: SK Innovation
  • Second: CATL
  • Third: SK Innovation and CATL (for new models, scheduled for market launch after 2023)

CATL reportedly will produce batteries for two of three Hyundai’s EVs scheduled for market launch after 2023.

As we can see, there is no LG Chem’s LG Energy Solution on the list (maybe because of the recent issues?), but the rumor is that a new joint venture of LG and Hyundai in Indonesia will supply batteries for a new Hyundai Ioniq 7.

While SK Innovation is Hyundai’s long-term supplier, CATL is a new one, selected from a few reasons – intention to enter the Chinese market and attractive pricing (reportedly below $100 per kWh).

The battery-related recalls of Hyundai EVs, and the SK Innovation ban in the U.S. clearly shows how important it is to have a diversified battery supply.

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