Samsung SDI is set to begin supplying electrical vehicle batteries to automaker Hyundai beginning in 2026, the company announced Monday.
The EV battery deal will reportedly last for seven years.
“The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries,” Samsung said in a statement.
A source told Reuters that the battery deal will likely include a supply capable of powering 500,000 EVs by the end of the seven-year period.