According to reports, "Samsung SDI Company" is a battery manufacturer under South Korea's Samsung Group. On Monday (October 23), the company announced that within seven years starting from 2026, Samsung SDI will supply power batteries to South Korea's Hyundai Motor Group. This is also the first time a power battery supply contract has been signed between these two well-known Korean companies.
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On the same day, Samsung SDI stated in a statement that this supply agreement is also the first cooperation between Samsung Group and Hyundai Motor Group in the field of electric vehicle power batteries.
Previously, Samsung SDI's power batteries have won customers from many well-known automobile companies, including General Motors of the United States, BMW of Germany, and Strantis of the United States (formed by the merger of PSA Group and Fiat Chrysler).
The company said that the supply contract with Hyundai Motor Group runs from 2026 to 2032 and is mainly for electric vehicles produced for the European market. Samsung SDI's factory in Hungary, Europe, will produce cylindrical power batteries used in these Hyundai vehicles.
Samsung SDI and Hyundai Motor Group did not disclose the specific size of this supply contract. However, a source familiar with the situation told the press that within the next seven years, the power batteries supplied by Samsung SDI can meet the needs of 500,000 electric vehicles of Hyundai Motor.
Just this month, Samsung SDI announced that it plans to cooperate with American automobile manufacturing giant Strantis to build a power battery factory in Indiana, with a total investment of up to 2.7 trillion won (equivalent to US$2 billion). This power battery factory is planned to be completed and put into production in 2027.
Affected by this news, Samsung SDI's stock price rose slightly by 0.3% during the intraday trading session of the Korean stock market that day, and its stock price performance was slightly better than the Korean stock market index.