Hyundai Motor said on Tuesday it entered into a $5 billion electric vehicle (EV) battery joint venture in the US with battery maker SK On.
The South Korean companies will set up a new lithium-ion battery manufacturing plant in the state of Georgia, they said. The Hyundai–SK On Georgia plant is expected to start manufacturing battery cells in the second half of 2025 with an annual production capacity of 35GWh. They have been in discussions on this since last May.
Hyundai also reported its first-quarter net profit had more than doubled, exceeding expectations.
