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Hyundai to buy electric vehicle batteries from SK Innovation - report

Reuters

SEOUL (Reuters) - Hyundai Motor <005380.KS> and affiliate Kia Motors <000270.KS> have decided to secure electric vehicle batteries from SK Innovation <096770.KS> for the next four to five years, Maeil Business Newspaper said on Friday, citing industry sources.

The sources said the deal was worth more than 10 trillion won (£6.62 billion).

SK Innovation, Hyundai Motor and Kia declined to comment.

Hyundai Motor said in October it would launch 16 EV models by 2025, aiming to boost EV sales 560,000 by then, a level that would be equivalent to more than 10% of its projected global sales this year.

(Reporting by Hyunjoo Jin; Editing by Edmund Blair)