$5 billion investment aims to manufacture battery cells later in 2025 to produce 300,000 EVs annually
Hyundai Motor Group said its plans to set up an electric vehicle (EV) battery cell production joint venture in the US with its partner, SK On.
The total investment for the joint venture is expected to be around $5 billion, with the South Korean companies each holding a 50% stake, it said late Tuesday.
The joint venture aims to establish an EV battery cell plant in Bartow County, Georgia, which is close to Hyundai’s production facilities in the US its motor manufacturing in the states of Alabama and Georgia.
The new plant is expected to start manufacturing battery cells in the second half of 2025 with an annual production capacity of 35 gigawatt hours, which is sufficient to support the production of 300,000 EVs, it said.
SK On has been a partner for Hyundai, working jointly on the production of EV models, such as the Hyundai IONIQ 5, Kia EV6 and Genesis GV60.