The bosses of auto giant Hyundai Motor and battery maker CATL had met in March to discuss further collaboration between the pair, TheElec has learned.
CATL CEO Zeng Yuqun visited South Korea during the month and met with Hyundai Motor executive chairman Chung Eui-sun. They had already met three months ago in November.
More executives from CATL are expected to visit South Korea this month for more discussions.
Last year, Hyundai Motor bought hundreds of billions of won worth of batteries from the Chinese battery maker.
The Korean auto giant is expected to buy batteries worth US$1 billion from CATL this year, sources said.
New Kona EVs will use CATL’s batteries as well as Kia’s Gen 2 Ray launching later in the year. Ray will use imported lithium iron phosphate batteries from CATL using cell to pack technology.
Hyundai Motor is also looking for a similar collaboration with CATL to those between Ford and the Chinese battery maker.
Ford is planning to manufacture lithium iron phosphate batteries in Michigan in collaboration with CATL, allowing the latter to skirt the US Inflation Reduction Act.