This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ9L0AO_L.jpg
SEOUL (Reuters) -South Korea’s Samsung (KS:005930) SDI said on Monday it will supply Hyundai Motor (OTC:HYMTF) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies.
“The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries,” Samsung SDI said in a statement.
The battery maker, which supplies to General Motors Co (NYSE:GM), Stellantis (NYSE:STLA), BMW (ETR:BMWG) among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor’s EVs targeting the European market from 2026 through 2032.
Samsung SDI did not disclose the size of the deal.
