Following earlier reports, Hyundai Motor Group (HMG) confirmed plans for a US EV battery cell production joint venture with SK On.
Group affiliates Hyundai Motor Company, Kia Corporation and Hyundai Mobis each approved the plan at respective board meetings this week. In November 2022, the group signed a memorandum of understanding (MOU) with SK On to secure EV battery supply for North America.
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Total investment was expected to be approximately US$5bn with the group and SK On each holding half.
Through the JV, both parties plan to establish an EV battery cell plant in Bartow County, Georgia, close to the Hyundai plant in Alabama, Kia also in Georgia and the group’s Metaplant America.
The new plant was expected to start manufacturing cells in the second half of 2025 with annual capacity for 35 GWh, sufficient for 300,000 EVs a year.
Hyundai Mobis would assemble battery packs from the cells and supply the US factories assembling Hyundai, Kia and Genesis EVs.
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By GlobalData“The joint venture further accelerates 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,” HMG said in a statement.
