South Korean carmaker Hyundai plans to invest $100mn in North America’s Solid Energy Systems (SES) an electric vehicle (EV) manufacturing start-up.
The investment is part of the Korean carmaker’s broader strategy to expand its electrification projects, according to media reports from Jul 5.
Hyundai had also disclosed in an earnings call in April that it plans to mass-produce EVs by 2030. It currently sources Li-On batteries from SK Innovations and LG Energy a subsidiary of LG Chem.