- Board of administrators at Hyundai Motor, Kia and Hyundai Mobis approve battery cell three way partnership with SK On
- Complete funding quantity to be USD 5 billion with Hyundai Motor Group and SK On every taking a 50 % stake
- The EV battery cell plant to be constructed in Bartow County, Georgia, U.S., with the purpose of manufacturing battery cells, beginning within the second half of 2025
- The brand new plant to yearly produce 35 GWh of EV battery cells, sufficient to supply 300,000 all-electric automobiles
- The three way partnership to assist speed up the Group’s electrification efforts by offering a steady provide of batteries for EV manufacturing within the U.S.
Hyundai Motor Group (the Group) in the present day introduced its plans to arrange an electrical automobile (EV) battery cell manufacturing three way partnership within the US with accomplice SK On.
The Group associates Hyundai Motor Firm, Kia Company and Hyundai Mobis every accredited the plan at their respective board conferences in the present day. In November 2022, the Group signed a memorandum of understanding (MOU) with SK On to safe EV battery provide for North America.
The overall funding quantity for the three way partnership is anticipated to be roughly USD 5 billion, with the Group and SK On every holding a 50 % stake.
By way of the three way partnership, each events plan to determine an EV battery cell plant in Bartow County, Georgia, near the Group’s U.S. manufacturing services, together with Hyundai Motor Manufacturing Alabama, Kia Georgia and Hyundai Motor Group Metaplant America.
The brand new plant is anticipated to begin manufacturing battery cells within the second half of 2025 with an annual manufacturing capability of 35 GWh, which is adequate to help the manufacturing of 300,000 EVs. Hyundai Mobis will assemble battery packs utilizing cells from the plant, then supply them to the Group’s U.S. manufacturing services for manufacturing of Hyundai, Kia and Genesis EV fashions.
The three way partnership additional accelerates the Group’s electrification efforts and bolsters its place as an EV chief within the U.S. market with a steady battery provide to help the manufacturing of extremely aggressive EV fashions.
SK On has been a strategic accomplice for the Group and each have been working collectively on the manufacturing of worldwide famend EV fashions, equivalent to Hyundai IONIQ 5, Kia EV6 and Genesis GV60.