According to sources, Hyundai will purchase $1 billion worth of batteries from CATL this year.
As early as February 2021, Hyundai reached a strategic cooperation agreement with CATL and gave the company a super order worth 90 trillion won.
In July 2022, reports indicated that Hyundai was considering using CATL-manufactured batteries in all of its models. Throughout 2022, the company purchased batteries worth billions of won from CATL.
In March of this year, CATL CEO Zeng Yuqun visited South Korea and met with Hyundai Group Chairman Euisun Chung to discuss further collaboration.
CATL is a provider of power battery systems, focusing on the research and development, production, and sales of power battery systems and energy storage systems for new energy vehicles. The company supplies Tesla, NIO, XPeng, and Li Auto, and has long held about half of China’s market share.
At the end of March, data released by research institutions showed that in the first two months of this year, CATL remained the highest installer of electric vehicle batteries, with an installation capacity of 25.5 GWh, a year-on-year increase of 34%, and a market share of 33.9%.
