Hyundai Motor Corporation established a joint venture with SK On to produce EV batteries in the US; start 2H 2025
Hyundai Motor Corporation (HMG) has announced plans to form an EV battery manufacturing joint venture with battery partner SK On, for a production site that will be located in the United States. HMG is affiliated with Hyundai Motor Company, Kia Corporation and Hyundai Mobis, each of which approved the plan at their respective board meetings, according to HMG’s statement.
The joint venture with SK On for the EV battery factory is expected to have a total investment of around USD 5 billion (RM 22.3 billion), with an equal ownership ratio between HMG and SK On at 50 each. %.
Through the joint venture, both parties plan to establish an EV battery factory in Bartow County, Georgia, close to HMG manufacturing facilities including Hyundai Motor Manufacturing Alabama, Kia Georgia and Hyundai Motor Group Metaplant America.
Battery cell production is expected to begin in the second half of 2025 to reach an annual production capacity of 35 GWh, which HMG says will support production of 300,000 electric vehicles, HMG said.
Hyundai Mobis will be responsible for assembling the battery packs with cells produced at the new factory, and will then supply them to the group’s production sites in the United States for the production of Hyundai and Kia electric vehicles. and Genesis.
Currently, SK On is a strategic partner of Hyundai Motor Group in the production of electric vehicles such as Hyundai ioniq 5, KIA EV6 and Genesis GV60.
Elsewhere, HMG with LG Energy Solutions (LGES) Guaranteed $710 million in loans and guarantees for a General battery factory in Indonesia, in funding it will receive from five different international financial firms over a 10-year loan period. This joint manufacturing plant in Indonesia will initially produce 10 GWh of batteries annually, then increase to 30 GWh.
