Hyundai Motor has signed a memorandum of understanding with leading electric vehicle battery manufacturer SK On Co to secure a supply of EV batteries in North America. Under the MOU, both parties will cooperate to provide SK On batteries to the Group’s plants in the US after 2025 for the EV production. Further details on the cooperation will be revealed at a later stage. Hyundai Motor Group is accelerating electrification efforts with the global target to sell 3.23 million full electric vehicles annually by 2030. To realize this goal, the Group plans to establish a global EV production network that will ensure a stable supply of EVs around the globe.