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© Reuters. FILE PHOTO: A basic view of the Samsung SDI battery manufacturing facility in God, Hungary, December 12, 2022. REUTERS/Marton Monus
By Heekyong Yang and Soo-hyang Choi
SEOUL (Reuters) -South Korea’s Samsung (KS:) SDI stated on Monday it would provide Hyundai Motor (OTC:) with electrical automobile (EV) batteries for seven years beginning 2026, marking the primary battery provide deal between the 2 corporations.
“The newest provide deal marks the primary ever partnership between Samsung and Hyundai Motor Group within the area of electrical automobile batteries,” Samsung SDI stated in an announcement.
The battery maker, which provides to Basic Motors Co (NYSE:), Stellantis (NYSE:), and BMW (ETR:) amongst others, added that it’ll provide prismatic batteries manufactured at its manufacturing facility in Hungary for Hyundai Motor’s EVs concentrating on the European market from 2026 by 2032.
Whereas Samsung SDI did and Hyundai Motor didn’t disclose the dimensions of the deal, Samsung SDI would possible provide EV batteries that might energy about 500,000 EVs over the subsequent seven years, an trade supply conversant in the matter instructed Reuters.
Shares of Samsung SDI have been buying and selling down 1.2%, versus benchmark ‘s 0.2% fall as of 0050 GMT.
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