Hyundai and SK On plan to invest 2.5 trillion won to build a joint venture battery plant in the United States

CTOnews.com, Nov. 27 (Xinhua)-- Hyundai Motor and battery maker SK On plan to invest about 2.5 trillion won ($1.88 billion, 13.5 billion yuan) in a new joint venture battery plant in the United States, according to people familiar with the matter.

It is said that the two companies are expected to sign a memorandum of understanding on investment next week. The plant is scheduled to start production in the first quarter of 2026 with an initial annual capacity of about 20GWh, enough to power about 300000 electric vehicles. The new plant may be located in Georgia, near Hyundai's new electric car plant.

According to Reuters, SK on said: "No decision has been made on this matter yet."

Last month, Hyundai Motor Group broke ground on a $5.54 billion electric car and battery plant in Georgia, with the goal of starting commercial production in the first half of 2025 with an annual production capacity of 300000 vehicles, CTOnews.com learned.