Hyundai Motor Group has announced that it plans to set up a US-focused EV battery cell production joint venture with its partner, SK On. The Group affiliates Hyundai Motor Company, Kia Corporation, and Hyundai Mobis each approved the plan at their respective board meetings today.
The announcement follows the Group’s initial partnership with SK On in November, signing a MoU with the Korean battery company to secure EV battery supply for North America. Both firms confirmed that the total investment amount for the joint venture is expected to be approximately $5 billion (€4.5 billion), with the Group and SK On each holding a 50 percent stake.
Through their joint venture, the companies are ultimately looking to establish a new battery cell plant in Bartow County, Georgia. The location was chosen based on its proximity 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 commence operations in the second half of 2025 with an annual production capacity of 35 GWh, supporting the production of 300,000 EVs. Within the Group’s wider operations, Hyundai Mobis will assemble battery packs using cells from the plant, supplying them to the Group’s U.S. manufacturing facilities to produce future Hyundai, Kia, and Genesis EVs. For the Hyundai Motor Group itself, the joint venture will work to further accelerate its electrification efforts and goal to become an EV leader in the U.S. market, with a stable battery supply to support the production of highly competitive EV models.