Electric Vehicles

Hyundai, SK Team up to Build New US EV Battery Plant

 

Korea’s auto giant Hyundai and SK Innovation’s battery unit are to build a new car battery factory in the US state of Georgia.

The manufacturing plant in the southeast of the country will supply the Korean automaker’s US assembly plants.

Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said.

The companies aim to begin operations in 2025 and said “stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment” in Georgia’s Bartow County. 

Hyundai separately broke ground in October on a $5.54 billion electric vehicle and battery plant in Georgia’s Bryan County.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Hyundai Motor May Begin Work on US EV Plant This Year

Korea Battery Maker SK On Seeks $3bn in Pre-IPO Funds

Hyundai Plans to Build First EV Plant in South Korea by 2025

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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