Photo: Hyundai | Edited
Hyundai and SK On partnered to start battery cell production in the US, with plans to invest $5 billion. The jointly-owned battery plant will break ground in Bartow County, Georgia, with production planned for the second half of 2025. The initial target is to produce 35 GWh of battery cells annually, which is enough to power 300,000 electric vehicles.
The Inflation Reduction Act is starting to move things in the EV and battery markets in the US. Companies that have established local production in the US clinked glasses when the IRA was announced. Others, primarily Korean companies, were caught off-guard and are now in a dire situation. Hyundai and Kia, for instance, don't make electric vehicles in the US and won't be doing it for a while. Still, they have planned for this, with the Kia EV9 as the first US-made EV coming in 2024 from the West Point, Georgia factory that also builds the Kia Telluride.
Hyundai Motor Group intends to expand US production of electric vehicles under Hyundai, Kia, and Genesis brands and chose SK On as the battery cell supplier. The two companies have established a joint venture to supply the battery cells for local US production and plan to invest $5 billion in a local production facility. The battery cells manufactured by the Hyundai-SK On joint venture will be assembled into battery packs by Hyundai Mobis and supplied to the Group's production facilities.
The two companies have chosen Bartow County, Georgia as the location for their US battery manufacturing facility. This is close to the Group's plants, including Hyundai Motor Manufacturing Alabama, Kia Georgia, and Hyundai Motor Group Metaplant America. The annual production capacity is initially targeted at 35 GWh, sufficient to support the production of 300,000 electric vehicles. The battery-cell production start is scheduled for the second half of 2025.
Hyundai Motor Group intends to expand its footprint in the US with a new EV production facility in Bryan County, Georgia. The $5.5 billion EV manufacturing plant will begin production in 2025, just in time to use the batteries produced at the new factory in Bartow County. The partnership with SK On is not exclusive. Hyundai is also in talks with LG Energy to establish two additional battery plants in the US, enough to power one million electric vehicles.
The battery cells supplied by SK On are of the pouch type, which Hyundai already uses for the Ioniq 5, Ioniq 6, and Kia EV6. The automaker will also utilize the same battery cells in the upcoming Ioniq 7 SUV, Genesis GV70, and Kia EV9. With battery and vehicle production in the US, Hyundai Motor Group's EVs will qualify for the IRA tax credit. This is a significant incentive that can help sales tremendously.
Hyundai Motor Group intends to expand US production of electric vehicles under Hyundai, Kia, and Genesis brands and chose SK On as the battery cell supplier. The two companies have established a joint venture to supply the battery cells for local US production and plan to invest $5 billion in a local production facility. The battery cells manufactured by the Hyundai-SK On joint venture will be assembled into battery packs by Hyundai Mobis and supplied to the Group's production facilities.
The two companies have chosen Bartow County, Georgia as the location for their US battery manufacturing facility. This is close to the Group's plants, including Hyundai Motor Manufacturing Alabama, Kia Georgia, and Hyundai Motor Group Metaplant America. The annual production capacity is initially targeted at 35 GWh, sufficient to support the production of 300,000 electric vehicles. The battery-cell production start is scheduled for the second half of 2025.
Hyundai Motor Group intends to expand its footprint in the US with a new EV production facility in Bryan County, Georgia. The $5.5 billion EV manufacturing plant will begin production in 2025, just in time to use the batteries produced at the new factory in Bartow County. The partnership with SK On is not exclusive. Hyundai is also in talks with LG Energy to establish two additional battery plants in the US, enough to power one million electric vehicles.
The battery cells supplied by SK On are of the pouch type, which Hyundai already uses for the Ioniq 5, Ioniq 6, and Kia EV6. The automaker will also utilize the same battery cells in the upcoming Ioniq 7 SUV, Genesis GV70, and Kia EV9. With battery and vehicle production in the US, Hyundai Motor Group's EVs will qualify for the IRA tax credit. This is a significant incentive that can help sales tremendously.
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