Posted on 11 Apr 2023
South Korean automaker Hyundai plans to purchase batteries worth $1 billion from Chinese battery firm CATL this year, according to various South Korean media including The Elec.
They said in reports that CATL's chairman Zeng Yuqun held a meeting with Hyundai Motor Group's chairman Chung Eui-sun. Hyundai is considering using CATL's batteries on all its models.
With the cooperation with Hyundai Motor, CATL is expected to have closer bonds with the South Korean market, which is beneficial for its long-term development there. In 2022, CATL's global market share reached 37% from 2021's 33%, while the top three South Korean battery firms - LG Energy Solution, Samsung SDI and SK On - saw their global share fall from 30.2% to 23.7%.
Previously, Hyundai and CATL reached an agreement on a technical permit for cell-to-pack technology through Hyundai's parts company Mobis. It is said that Hyundai will adopt this technology in its new electric vehicle model by 2023, Kallanish learns.
Source:Kallanish
