Samsung SDI to Supply Batteries for Hyundai EVs for Seven Years

With the Hyundai Motor Company, Samsung SDI has now officially secured its first-ever supply agreement for batteries for electric vehicles. According to Samsung SDI, the business would provide prismatic batteries for seven years, from 2026 to 2032, to Hyundai Motor’s electric cars aimed at the European market. Samsung and Hyundai Motor Group have entered into a collaboration for the first time in the history of electric car batteries with this newest supply agreement.

Samsung SDI has gained significant growth impetus in accordance with the development of the cooperation and secured Hyundai Motor as a new customer by closing the contract. It is anticipated that by supplying prismatic batteries, the cooperation would allow Hyundai Motor to vary its battery form factors. Industry sources estimate that over the next seven years, this historic deal, the exact extent of which neither Samsung SDI nor Hyundai Motor have disclosed, could power about 500,000 electric vehicles.

In addition to strengthening the growing synergy between digital giants and automakers, this important relationship advances the idea of an electric and sustainable future. According to a regulatory filing by Samsung, the deal calls for the company to start supplying Hyundai’s assembly lines in Europe with its newest model, sixth-generation prismatic batteries (P6), which will be manufactured at its factory in Hungary in 2026.

The P6, which is slated for commercial production in 2024, has an energy density improvement of more than 10%, allowing it to have greater range and require less time to charge. P6 maximizes energy density to the fullest degree possible with its 91% nickel-high NCA cathode and Samsung SDI’s unique silicon-based anode. Along with General Motors Co., Stellantis, and BMW, Samsung has now added Hyundai Motor Co. to its list of satisfied customers with this new agreement.

Samsung SDI President and Chief Executive Choi Yoon-ho said, “We will make our best efforts to help Hyundai reinforce its global market leadership by expanding a long-term partnership with the automaker by providing batteries with advanced technologies and supreme quality.”