Last week, Hyundai Motor Group and SK On announced their plans to create a joint venture focused on electric vehicle battery cell production in the United States. This collaboration, approved by the boards of Hyundai Motor Company, Kia Corporation, and Hyundai Mobis, follows the MOU signed in November 2022 to secure a stable EV battery supply for North America. The total investment for the joint venture will be approximately $5 billion, with both partners holding equal stakes.
The partnership will lead to the construction of an EV battery cell factory in Bartow County, Georgia, strategically situated near the Group's U.S. production facilities. The factory is expected to begin battery cell production in the second half of 2025, with an annual capacity of 35 GWh, sufficient to support the production of 300,000 EVs. Hyundai Mobis will be responsible for assembling battery packs using cells from this plant and supplying them to the Group's U.S. manufacturing facilities for Hyundai, Kia, and Genesis EV models.
This joint venture not only accelerates the Group's electrification efforts but also strengthens its position as a leading EV manufacturer in the U.S. market. By ensuring a steady battery supply, the Group can produce highly competitive EV models. SK On has been a crucial strategic partner for the Group, contributing to the production of globally renowned EV models like the Hyundai IONIQ 5, Kia EV6, and Genesis GV60.