Hyundai strikes deal with CATL for additional battery supply
Hyundai has selected CATL as another battery cell supplier for its electric cars based on the E-GMP platform – but probably only those vehicles that will be launched after 2023. This was reported by South Korean media and Hyundai has yet to confirm the deal.
This is reported by the usually well-informed Korean portal TheElec. According to the report, CATL will supply the cells for two of the three models planned by Hyundai from 2023, SK Innovation the cells for another. There are no details about delivery quantities or financial aspects of the deal.
The report cites as a probable reason for the decision in favour of CATL that Hyundai also wants to expand in China. Another possible reason: CATL is said to offer its battery cells at a price of less than 100 US dollars per kWh, according to insiders. According to Bloomberg NEF, the average market price is currently 135 dollars per kWh.
For the first Hyundai model based on the E-GMP platform, the Ioniq 5 presented on Tuesday, SK Innovation is the exclusive battery cell supplier, according to an earlier report.
LG Chem, or its battery division LG Energy Solution (LGES), which has since been spun off, did not win the second battery lot for the E-GMP. As is well known, Hyundai and LGES are currently negotiating the distribution of costs for the recall of 77,000 Kona Electric vehicles worldwide.
However, the recall apparently has nothing to do with the decision in favour of CATL, but rather a possible further deal: TheElec writes, citing people familiar with the events, that LGES could win the bid for the third battery lot for the E-GMP; more precisely via a joint venture planned together with Hyundai in Indonesia. According to the report, these battery cells will then be used in the Hyundai Ioniq 7 electric SUV. However, this information has not been confirmed.