Hyundai Motor Group (the Group) plans to set up an electric vehicle (EV) battery-cell production joint venture in the United States with partner SK On. The total investment is expected to be approximately $5 billion, with the Group and SK On each holding a 50% stake. The joint venture plans to establish an EV battery cell plant in Bartow County, Ga., close to the Group’s U.S. 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 to the Group’s U.S. facilities for production of Hyundai, Kia and Genesis EV models.

In November 2022, the Group signed a memorandum of understanding with SK On to secure EV battery supply for North America. SK On has been a strategic partner for the Group, and both have been working together on the production of globally renowned EV models, such as Hyundai IONIQ 5, Kia EV6 and Genesis GV60. The joint venture further accelerates the Group’s electrification efforts and bolsters its position as an EV supplier in the U.S. market with a stable battery supply to support the production of EV models.