Hyundai Motor Group (HMG) has announced its plans to set up an EV battery manufacturing joint venture with battery partner SK On, for a production site that will be located in the United States. HMG affliates Hyundai Motor Company, Kia Corporation and Hyundai Mobis each approved of the plan at their respective board meetings, according to the HMG statement.
The joint venture with SK On for the EV battery manufacturing plant is expected to see a total investment of approximately US$5 billion (RM22.3 billion), with equal stakeholding between HMG and SK On at 50% each.
Through the joint venture, both parties plan to establish the EV battery plant in Bartow County, Georgia, which will be close to HMG production facilities including Hyundai Motor Manufacturing Alabama, Kia Georgia and Hyundai Motor Group Metaplant America.
Battery cell manufacture is expected to commence in the second half of 2025 to reach an annual production capacity of 35 GWh, which HMG says will support the production of 300,000 electric vehicles, said HMG.
Hyundai Mobis will be in charge of assembling the battery packs with cells to be produced at the new plant, and will then supply them to the group’s US manufacturing sites for the production of Hyundai, Kia and Genesis EVs.
At present, SK On is a strategic partner for the Hyundai Motor Group on the manufacture of EVs such as the Hyundai Ioniq 5, Kia EV6 and the Genesis GV60.
Elsewhere, HMG with LG Energy Solution (LGES) secured US$710 million in loans and guarantees for a joint battery production plant in Indonesia, in funding which it will receive from five different international financing firms across a 10-year loan period. This joint production plant in Indonesia will initially produce 10 GWh of battery cells annually, later ramping up to 30 GWh.
The post Hyundai Motor Group to form JV with SK On for EV battery cell manufacture in US; to start 2H 2025 appeared first on Paul Tan's Automotive News.
* This article was originally published here
For Feedback & Comments, please write to us on hello@newswire.ae
