South Korea’s Samsung SDI has revealed that it will supply electric vehicle (EV) batteries to Hyundai Motors for seven years starting from 2026.
The latest battery supply deal marks the first ever electric vehicle battery partnership between Samsung and Hyundai Motor Group.
The battery maker, which supplies to General Motors Co, Stellantis and BMW among others, said in a statement that it will supply prismatic batteries manufactured at its factory in Hungary to Hyundai Motor’s EVs.
The move is to target the European market from 2026 through 2032.
An industry source said Samsung SDI would likely supply EV batteries that could power about 500,000 EVs over the next seven years but Samsung SDI and Hyundai Motor did not disclose the size of the deal.
Samsung SDI had earlier this month said it plans to invest 2.7 trillion won ($2 billion) to build a second joint EV battery plant with Stellantis in the U.S., precisely Indiana, with plans to start production in 2027.