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EV ecosystem

Hyundai Motor, SP Group to expand EV battery business in Singapore

Nov 12, 2020 (Gmt+09:00)

Hyundai Motor Co. is seeking to expand its electrice vehicle battery business in Southeast Asia in cooperation with Singapore’s state-run utility firm SP Group, as the automaker steps up its future mobility efforts.

South Korea’s largest automaker said on Nov. 12 that it has signed a business cooperation agreement with SP Group to promote the launch of electric cars and establish EV charging infrastructure in the city state.

Hyundai Motor and SP Group sign a business cooperation agreement Nov. 12.

Under the deal, Hyundai Motor said it will supply its EVs to Singapore and seek business opportunities through the battery-as-a-service (BaaS) business model in Southeast Asia.

BaaS encompasses services such as EV battery rental, repair, recharge, reuse and recycling.

Both companies will also make efforts to lower the initial cost of purchasing electric cars, enhance the accessibility of charging points and build an ecosystem of innovative solutions to encourage the adoption of EVs in Singapore.

“We will strengthen business tie-ups with various local partners starting with this cooperation,” Hyundai Motor’s Senior Vice President Jung Hong-bum said in a statement.

SP Group CEO Stanley Huang said: “Our partnership with Hyundai will contribute to establishing an EV ecosystem in Singapore.”

SP Group; formerly known as Singapore Power, operates the country’s largest high-speed charging network and plans to build about 1,000 EV charging stations by the end of this year.

Hyundai Motor looks to expand its EV business througout Asia

NEW MOBILITY OPPORTUNITIES

In lin with its efforts to explore new mobility opportunities in Southeast Asia, Hyundai Motor announced in mid-October that it is building an innovation lab in Singapore.

The Hyundai Mobility Global Innovation Center will act as an open innovation lab for future mobility research and development.

Singapore is one of the world’s most expensive places to buy a car and does not currently have any auto manufacturing capacity. But the city-state plans to phase out gasoline-fueled vehicles by 2040.

Write to Il-Gue Kim at black0419@hankyung.com

In-Soo Nam edited this article.

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