Hyundai and SK On form joint venture for battery production in the USA

The Hyundai Motor Group is establishing a joint venture with partner SK On for the production of battery cells for electric vehicles (EV) in the USA. The group subsidiaries Kia Corporation, Hyundai Motor Company, and Hyundai Mobis have each approved this plan at their respective board meetings today. In November 2022, the group had signed a memorandum of understanding with SK On to ensure the supply of EV batteries for North America. The joint venture is expected to have a total investment amount of around five billion US dollars. The Hyundai Motor Group and SK On will each hold 50 percent of the shares.

American Batteries for American Factories

The goal of the joint venture is to establish a factory for EV battery cells in Bartow County, Georgia, close to the US production sites of the group, including Kia Georgia, Hyundai Motor Manufacturing Alabama, and Hyundai Motor Group Metaplant America. The plant is scheduled to commence operations in the second half of 2025 and produce battery cells with a total capacity of 35 GWh per year, sufficient for 300,000 electric vehicles. Hyundai Mobis will manufacture batteries from the cells and deliver them to the group's US factories, where they will be used in electric vehicles of the Kia, Hyundai, and Genesis brands.