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| 최태원 SK 회장 |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor Group will establish a joint plant for electric vehicle batteries in the U.S. in 2025 with SK ON. Through this, we plan to secure about 300,000 battery cells annually.
Hyundai Motor Group held a regular board meeting on the 25th and approved the establishment of a joint venture between SK On and North American battery cells. SK ON plans to hold a board meeting on the 27th and approve the same content.
Previously, Hyundai Motor Group and SK ON signed a business agreement for cooperation in supplying batteries to North America in November last year. Through this, the company plans to respond to changes in the North American market policy environment, including the US Inflation Reduction Act (IRA), and establish a stable electric vehicle battery supply system.
Hyundai Motor Group and SK On will build a joint plant that can produce 35 gigawatt hours (GWh) and about 300,000 battery cells per year in Batou County, Georgia, USA, with the aim of operating in the second half of 2025. The two sides jointly invest a total of $ 5 billion (6.5 trillion won), with a 50% stake.
The battery cells produced at the joint venture will be manufactured by Hyundai Mobis as battery packs and supplied to all Hyundai, Kia and Genesis electric vehicles produced in the U.S.
Through the establishment of a joint venture with SK On, Hyundai Motor Group plans to procure battery cells in the U.S. to produce and sell high-competitive electric vehicles in a timely manner.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
