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Hyundai Motor Group will build a US$4.9 billion electric vehicle (EV) battery plant in Bartow County, Georgia, United States, under a 50:50 joint venture with SK On.
The JV partners are eyeing the start of production of batteries with 35-gigawatt hours (GWh) of capacity a year in the second half of 2025.
Most of the batteries will be used to power about 300,000 EVs a year in Hyundai Motor and Kia‘s US plants.
The new battery plant will be located near Hyundai’s Alabama plant, Kia’s Georgia plant, and the automotive group’s dedicated EV and battery plant under construction in Georgia.
The announcement came five months after Hyundai Motor Group signed a memorandum of understanding with SK On, SK Group’s battery unit, to source EV batteries in the U.S. from the battery maker.
Hyundai Motor Group’s three major affiliates, Hyundai Motor Co., Kia Corp., and Hyundai Mobis Co., all approved the investment plan at their separate board meetings.
SK On will hold a board meeting on Thursday to approve the plan.
