Hyundai Motor Group & SK On to Establish EV Battery Cell Production Joint Venture in US

Hyundai Motor Group has announced plans to set up an electric vehicle (EV) battery cell production joint venture in the US with partner SK On. The total investment amount for the joint venture is expected to be approximately USD 5 billion, with Hyundai and SK On each holding a 50 percent stake.

In November 2022, Hyundai signed a memorandum of understanding (MOU) with SK On to secure EV battery supply for North America.

The EV battery cell plant will be established in Bartow County, Georgia, close to Hyundai's US 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, and supply them for the production of Hyundai, Kia and Genesis EV models.

In a press release, Hyundai says: 'The joint venture further accelerates the Group’s electrification efforts and bolsters its position as an EV leader in the U.S. market with a stable battery supply to support the production of highly competitive EV models'.

SK On has been a strategic partner for Hyundai, and both have been working together on the production of globally renowned EV models, such as Hyundai IONIQ 5, Kia EV6 and Genesis GV60.