Hyundai Motor Group, SK On Approve US Battery Cell JV

Hyundai Motor Group in Seoul today said that its Boards of Directors approved plans to set up an electric vehicle (EV) battery cell production joint venture in the US with partner SK On. The Group 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 for North America. The total investment amount for the joint venture is expected to be  ~$5 billion, with the Group and SK On each holding a 50% 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.

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