Hyundai has announced its plans to set up an electric vehicle (EV) battery cell production joint venture in the U.S. with partner SK On.
The group affiliates Hyundai, Kia and Hyundai Mobis each approved the plan at their respective board meetings. In November 2022, Hyundai signed a memorandum of understanding (MOU) with SK On to secure EV battery supply for North America.
The total investment amount for the joint venture is expected to be approximately $5 billion, with Hyundai and SK On each holding a 50 percent stake.
Through the joint venture, both
parties plan to establish an EV battery cell plant in Bartow County,
Georgia, close to 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, which is sufficient to support the
production of 300,000 EVs. Hyundai Mobis will assemble battery packs
using cells from the plant, then supply them to the group’s U.S.
manufacturing facilities for production of Hyundai, Kia and Genesis EV
models.
The joint venture further accelerates the group’s
electrification efforts and bolsters its position as an EV leader in the
U.S. market with a stable battery supply to support the production of
highly competitive EV models.
SK On has been a strategic partner
for Hyundai and both have been working together on the production of
globally renowned EV models, such as the Ioniq 5, Kia EV6 and Genesis
GV60.
