Shanghai (ZXZC)- On April 25, the inaugural day of the Auto China 2024, Beijing Hyundai signed a Memorandum of Understanding (MOU) with Contemporary Amperex Technology Co., Ltd. ("CATL") to cooperate on the former's EV project, jointly developing all-electric vehicle models that cater to consumers' demands in China.

Photo credit: Beijing Hyundai

At the press conference, Hyundai Motor unveiled its strategy "in China, for Global". It will introduce its first high-performance electric vehicle, the IONIQ 5 N, to China, officially entering the high-performance electric vehicle market of the country.

The collaboration between Beijing Hyundai and CATL represents a significant step in implementing the "in China, for Global" strategy.

Photo credit: Beijing Hyundai

With over 21 years of development experience in China, Beijing Hyundai has sold over 12 million vehicles in the world's largest auto market, showcasing mature and reliable manufacturing capabilities. Backed by the capabilities of Hyundai Motor Group and the local resources of BAIC Group, the joint venture has commenced the implementation of "Strategy 2025" from 2023 onwards. This plan will continuously drive product transformation, brand innovation, and service innovation. In the future, Beijing Hyundai will establish a new product lineup, including pure electric and hybrid electric models, and achieve intelligence across its entire product range.

Photo credit: Beijing Hyundai

CATL is a company of innovative new energy technologies, dedicated to providing  solutions and services for global new energy applications. According to the report by SNE Research, the total global EV battery consumption volume in 2023 reached 705.5 GWh, with a year-on-year growth of 38.6%. CATL's EV battery consumption volume reached 259.7GWh, with an increase of 40.8% compared to 2022 and a market share as high as 36.8%, nearly 21% ahead of the second. This is the seventh consecutive year that CATL has topped the EV battery market.  

In the future, new vehicles of Beijing Hyundai will be equipped with CATL's latest technologies, such as CTP (cell to pack) battery packs and NP (no propagation) technology, to provide consumers with more efficient, convenient, and safer new energy vehicles.