Hyundai to build electric vehicle battery factory in US

South Korea-based automaker Hyundai announced that they plan to establish a $5 billion electric vehicle battery factory in the US with SK On. In a statement made by Hyundai, it was reported that Hyundai Motor Group plans to establish a joint venture with its partner SK On for the production of electric vehicle battery cells in the US. Recalling that a memorandum of understanding was signed with SK On in November 2022, the statement noted that the total investment amount of the joint venture, in which Hyundai and SK On each have a 50% stake, is expected to be approximately $5 billion. In the statement, it was reported that the parties plan to establish an electric vehicle battery factory in the US state of Georgia through the joint venture. It was stated in the statement that the new factory is expected to start producing battery cells in the second half of 2025, and that the factory is aimed to have a production capacity of 35 gigawatt hours, which is sufficient to support the production of 300 thousand electric vehicles.