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Hyundai Motor Group and SK On Join Forces in $5 Billion US EV Battery Venture

Source: Hyundai Motor Group

Hyundai Motor Group has announced plans to establish a joint venture with SK On to produce battery cells for electric vehicles (EVs) in the United States.

The Group's affiliates, Hyundai Motor Company, Kia Corporation, and Hyundai Mobis, each approved the plan at their respective board meetings.

In November 2022, the Group signed a memorandum of understanding (MOU) with SK On to secure EV battery supply in North America.

The total investment for the JV is expected to be approximately $5 billion, with the Group and SK On each holding a 50 percent stake.

The JV will establish an EV battery cell plant near the Group's U.S. manufacturing facilities in Bartow County, Georgia, including Hyundai Motor Manufacturing Alabama, Kia Georgia, and Hyundai Motor Group Metaplant America.

The new plant is expected to begin battery cell production in the second half of 2025 with an annual capacity of 35 GWh to support the production of 300,000 electric vehicles.

Hyundai Mobis will assemble battery packs using cells from the plant and supply them to the Group's U.S. manufacturing facilities to produce Hyundai, Kia, and Genesis EV models.

This joint venture accelerates the Group's electrification efforts.

It strengthens its position as an EV leader in the U.S. market by providing a stable supply of batteries to support the production of highly competitive EV models.

SK On has been a strategic partner for the Group, collaborating on producing globally renowned EV models such as the Hyundai IONIQ 5, Kia EV6, and Genesis GV60.

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