Enough battery cells for 300,000 EVs annually
Hyundai Motor Group joins forces with Korean industrial giant SK On. The two companies set up a joint venture that will set up a factory for the production of battery cells in the United States.
Hyundai Motor Group – the parent company of Hyundai, Kia and Genesis – has signed a memorandum of understanding with SK On to establish a joint venture. Hyundai Motor Group and SK On will each have a 50 percent stake in the partnership. The purpose of the joint venture? Building a battery factory in the United States.
The new battery factory will be located in Bartow County, Georgia. The first battery cells should leave the factory from the second half of 2025. The companies aim for an annual production of 35 GWh of battery cells. That should be enough for 300,000 electric cars in North America, according to Hyundai Motor Group and SK On. The construction of the factory involves an investment of more than €4.5 billion. Hyundai Mobis will combine the battery cells that are produced there into battery packs that are intended for EVs produced in the United States from Hyundai, Kia and Genesis.
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– Thanks for information from Autoweek.nl