Hyundai Motor Co. and battery maker SK On plan to invest about 2.5 trillion won ($1.88 billion, 13.5 billion yuan) to build a new joint venture battery plant in the United States, people familiar with the matter said, according to a report by the Korea Economic News.
The two companies are reportedly expected to sign a memorandum of understanding on the investment next week. The plant is scheduled to start production in the first quarter of 2026, with an initial annual capacity of about 20 GWh, enough to power about 300,000 electric vehicles. The new plant is likely to be located in Georgia, U.S., near Hyundai’s new electric vehicle plant.
According to Reuters, SK on said in response, “No decision has been made on the matter yet.”
Last month, Hyundai Motor Group broke ground on a $5.54 billion electric vehicle and battery plant in Georgia, with the goal of starting commercial production in the first half of 2025 with an annual capacity of 300,000 vehicles.
