Hyundai Motor Group, SK Innovation to Collaborate on Development of EV Battery Industry Ecosystem
Hyundai Motor Group and SK Innovation Co. have agreed to cooperate in the development of a sustainable ecosystem for electric vehicle (EV) batteries that are key to the future mobility industry.The two parties announced today their 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 collaboration stems from the companies’ shared need to create a battery value chain and strengthen eco-friendliness in business operations covering the entire lifecycle of EV batteries.
Unlike existing cooperation schemes between mobility companies and battery companies that tended to center on battery supply, the Hyundai-SK cooperation aims for a virtuous cycle of battery usage known as the Battery as a Service (BaaS), which includes lease or rental service.
Through this partnership, the two parties aim to strengthen the stability of the battery supply chain and create a virtuous cycle of resources from recycling to production; 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.
Sep 08, 2020 at 15:16