October 24, 2023 12:38
Samsung SDI has secured a battery supply deal with Hyundai for electric cars to be sold in the European market.
Under its first contract of the kind with Hyundai, Samsung SDI is expected to provide batteries for approximately 500,000 EVs for seven years starting in 2026.
It is for the 6th-generation prismatic battery (P6) scheduled to start production in 2024 at Samsung SDI's factory in Hungary. The P6 battery boasts a 91 percent nickel content in its cathode material and employs proprietary materials in the anode to enhance performance.
The deal will give the company a further boost following partnerships with BMW, GM, Rivian, Stellantis, Volkswagen and Volvo.
The company has been more conservative than rivals LG Energy Solution and SK On in terms of factory expansion and investment.
Its order backlog is estimated at around W26 trillion, significantly lower than LG Energy Solution's W44 trillion and SK On's W29 trillion (US$1=W1,354).
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