Hyundai Motor Group and SK On have revealed plans to establish an electric vehicle battery cell production joint venture in the USA. The plans were approved by Hyundai Motor Group affiliates the Hyundai Motor Company, Kia Corporation and Hyundai Mobis and follow the November 2022 memorandum of understanding with SK On to secure EV battery supply in North America.
The estimated total investment for the joint venture will be US$5bn, with each company holding a 50% stake. Hyundai and SK On aim to establish an EV battery cell plant in Bartow County in Georgia, near three Hyundai Group production sites: Hyundai Motor Manufacturing Alabama, Kia Georgia and Hyundai Motor Group Metaplant America.
The planned facility is scheduled to begin producing battery cells in the second half of 2025 and will have an annual production capacity of 35GWh – capable of supporting the manufacture of 300,000 EVs.
Hyundai Mobis will then assemble battery packs using cells from the plant, before supplying them to the group’s US-based manufacturing facilities for use in the production of Hyundai, Kia and Genesis EV models.
The joint venture accelerates Hyundai Group’s electrification efforts and bolsters its position as an EV leader in the US market with a stable battery supply to support the production of highly competitive EV models.
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