Hyundai, SK On to build 6.5 tln-won EV battery plant in U.S.

Hyundai-SK On

Hyundai, SK On to build 6.5 tln-won EV battery plant in U.S.

SEOUL, April 25 (Yonhap) -- Hyundai Motor Group said Tuesday it will join hands with SK Group's battery unit SK On to invest 6.5 trillion won (US$4.9 billion) to build an electric vehicle (EV) battery plant in the United States.

Under a 50:50 joint venture, the two South Korean companies plan to build the battery plant in Bartow County, Georgia, with a goal to start production in the second half of 2025, Hyundai Motor Group said in a statement.

The battery plant will produce batteries with 35 gigawatt hours (GWh) of capacity a year, and most of the batteries will be used to assemble about 300,000 EVs a year in Hyundai Motor Co. and its affiliate Kia Corp.'s U.S. plants, it said.

(END)

(C) Yonhap News Agency. All Rights Reserved