SK On announced on the 25th that it will supply batteries worth approximately 4 trillion won to the U.S. electric vehicle startup 'Slate.' Accordingly, SK On will supply about 20 gigawatt-hours (GWh) of batteries over six years from 2026 to 2031. This is enough to equip about 300,000 mid-sized electric vehicles. The two companies agreed to expand the battery supply volume by mutual consent if vehicle production increases in the future.
Slate is an electric vehicle startup established in Michigan, U.S., in 2022. It is a startup that has recently come to light as being secretly invested in by Jeff Bezos, the founder of Amazon. Slate plans to launch a dual-door electric pickup truck next year, with a target price of below $30,000. The plan is to simplify the vehicle manufacturing process and design to lower the sales price. The pickup truck will be released in a single color.
Instead, a DIY (Do-It-Yourself) kit will be available, allowing customers to freely customize their vehicles according to their preferences and purposes. It will also be possible to install a roof rack or convert the vehicle into a 5-seater sports utility vehicle (SUV).
The vehicle is expected to be equipped with SK On's nickel-cobalt-manganese (NCM) battery. Battery production will take place at SK On's American factory. SK On started investing in the U.S. in 2019 to construct its factory and entered mass production of batteries in 2022. SK On is poised for commercial operation (SOP) at a total of three production bases in the U.S. this year and next. By the end of 2026, it is expected that the U.S. factories will account for 50% of SK On's global production capacity (CAPA).
SK On CEO Lee Seok-hee said, "This collaboration reaffirms confidence in SK On's technological prowess and mass production capabilities in the U.S.," adding, "The U.S. is a key strategic market for SK On, and we plan to continue providing high-quality locally produced batteries to secure various customers."