December 20, 2019 / 9:50 AM / 2 months ago

Hyundai to buy electric vehicle batteries from SK Innovation: report

FILE PHOTO: Hyundai introduces its Vision T concept car at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Andrew Cullen

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 ($8.6 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

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