SK Group and SK On are reportedly fast-tracking their collaboration with China’s Zhejiang Geely Holding Group, a leading multinational automotive conglomerate.

Industry sources reported that executives from Geely Auto responsible for technology, research and development, and international cooperation, visited SK Building headquarters in Seoul on Monday. The delegation, which included the CEO of Zeekr, Geely Auto’s premium EV brand, met SK Group Executive Vice Chairman Chey Jae-won and SK On CEO Lee Seok-hee.

This meeting follows the EV battery and vehicle electronics business cooperation agreement signed by SK Group and Geely Group on June 11 last month. Since then, both companies have been in on-site discussions on their joint initiatives.

On July 20, Geely executives visited SK On’s battery plant in Seosan, South Chungcheong Province, to discuss battery supply deals for Geely car brands.

Industry insiders suggest the attendance of Executive Vice Chairman Chey Jae-won during the Monday meeting, who has been a key figure in fostering the SK-Geely partnership, indicates a major upcoming deal. A potential large-scale battery supply agreement could provide a much-needed boost to SK On’s operations.

In November last year, SK On signed a deal to supply battery modules for the Polestar 5, a premium EV from Geely Group’s Polestar brand, set to begin production in 2025.

An SK On representative declined to confirm details, saying, “We cannot confirm anything related to OEMs.”