Hyperdrive

Hyundai Motor, SK On Plan $5 Billion EV Battery Plant in US

Pair to have 50:50 share in venture in Bartow county, Georgia
Hyundai also released quarterly earnings that beat estimates

A Hyundai Motor Genesis GV60 with a SK On battery displayed at the InterBattery exhibition in Seoul.Photographer: SeongJoon Cho/Bloomberg

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By Heejin Kim and Jeong-Ho Lee

April 25, 2023 at 5:01 AM UTC

Updated on

April 25, 2023 at 6:58 AM UTC

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Hyundai Motor Group and SK On Co. will spend as much as $5 billion in North America for the production of electric car batteries as President Biden’s green bill encourages companies along the EV supply chain to make investments there. Shares rose as much as 5% in Seoul.

The South Korean firms will have an equal shareholding in the plant, to be constructed in Bartow county, Georgia. It’s expected the facility will produce EV battery cells starting in the second half of 2025.