United States. Hyundai Group has announced plans to create a battery production joint venture for electric vehicles (EVs) in the US with partner SK On.
The Group's subsidiaries, Hyundai Motor Company, Kia Corporation and Hyundai Mobis, have approved the plan on their respective boards of directors. In November 2022, the Group signed a memorandum of understanding with SK On to ensure the supply of EV batteries in North America.
The total investment amount of the joint venture is expected to be approximately $5 billion, with a 50% stake for the Group and 50% for SK On.
Through the joint venture, both parties plan to establish an EV battery cell plant in Bartow County, Georgia, near the Group's U.S. production facilities, including Hyundai Motor Manufacturing Alabama, Kia Georgia and Hyundai Motor Group Metaplant America.
The new plant is expected to start manufacturing battery cells in the second half of 2025, with an annual production capacity of 35 GWh, enough to support the production of 300,000 EV.
Hyundai Mobis will manufacture batteries with cells from the plant and supply them to the Group's U.S. factories for the production of Hyundai, Kia and Genesis EV models.
The joint venture further accelerates the Group's electrification efforts and reinforces its position as the EV leader in the US market with a stable supply of batteries to support the production of highly competitive EV models.
SK On has been a strategic partner for the Group and both have worked together on the production of world-renowned EV models, such as Hyundai IONIQ 5, Kia EV6 and the Genesis GV60.
