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Deals - Asia

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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