Sources say Hyundai will buy $1 billion worth of batteries from Ningde this year.
April 6 news, according to foreign media reports, according to sources, Hyundai Motor will buy batteries worth 1 billion US dollars (CTOnews.com remarks: currently about 6.88 billion yuan) from Ningde Times this year.
As early as February 2021, Hyundai entered into a strategic partnership with Ningde Times, handing over super orders worth 9 trillion won (CTOnews.com note: currently about 47.16 billion yuan) to Ningde Times.
In July 2022, foreign media reported that Hyundai was considering using Ningde-era batteries in all its models. Throughout 2022, the company purchased hundreds of billions of won worth of batteries from Ningde Times.
In March, Ningde Times CEO Zeng Yuqun visited South Korea and met with Euisun Chung, executive chairman of Hyundai Motor Group, to discuss further cooperation between the two sides.
Ningde Times is a power battery system provider, focusing on the R & D, production and sales of power battery systems and energy storage systems for new energy vehicles. The company is a supplier of Tesla, Weilai Automobile, Xiaopeng Automobile and Ideal Automobile, occupying about half of the market share in China for a long time.
At the end of March this year, data released by research institutions showed that in the first two months of this year, Ningde era was still the battery manufacturer with the highest installed capacity of electric vehicle batteries, with an installed capacity of 25.5GWh, up 34% year-on-year, accounting for 33.9% of the market share.
