Singapore markets closed

Hyundai Motor Group to get electric vehicle batteries from LG Chem

FILE PHOTO: Employees of Hyundai Motor Group leave after the company's new year ceremony in Seoul

SEOUL (Reuters) - Hyundai Motor Group, which includes Hyundai Motor and its sister company Kia Motors has picked LG Chem as one of the battery suppliers for its upcoming new electric vehicles, a group spokesman said on Wednesday.

Details of the supply contract including the electric vehicle (EV) model and the full amount of the deal, which are yet to be decided, will be confidential, the spokesman said.

LG Chem declined to comment.

Hyundai Motor said last year it would launch 16 EV models by 2025 with an aim to boost EV sales to 560,000 by then.

(Reporting By Joyce Lee and Heekyong Yang; Writing by Jane Chung; editing by David Evans)