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On the 23rd of October, Samsung SDI announced it had signed a supply deal with the Hyundai Motor Company. The deal will encompass the supply of batteries for Hyundai’s electric vehicles focusing on the European market. It will run for seven years from 2026 to 2032. This is the first such supply deal between the two companies.
Prismatic Cells
Samsung SDI will supply its sixth edition prismatic battery, the ‘P6’. The P6 features a 91% nickel-high NCA cathode and a silicon-based anode aimed at maximizing energy density. The batteries will be manufactured at Samsung SDI’s Hungary plant and supplied to Hyundai Motor’s production facility in Europe. The size of the deal has not yet been disclosed.
Increasing European Supply
Already the plant located in Göd near Budapest, produces cells for BMW and Volkswagen amongst others. Recently, in August 2022 Samsung SDI announced it would invest substantial funds into the plant’s expansion. The expansion aims to increase the capacity from 30GWh per annum to 60GWh. In February 2023, the European Commission approved EUR89.6 million (USD95 million) in aid for the completion of this project.
This follows on from Samsung SDI announcing its intention to invest SKW2.7 trillion (USD2 billion) to build a second battery plant with Stellantis. The facility is slated to be located in the state of Indiana, USA, and is set to commence production by 2027. The second facility will bring Samsung SDI’s US capacity up to 67GWh through its joint venture with Stellantis.
Rho’s Evaluation
Our analysis shows…
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Image credit: Adobe Stock
Sources: Samsung SDI