While the details of the partnership are still under development, what is certain is that Hyundai Motor Group and SK On have signed the Memorandum of Understanding (MOU) for the construction of the new electric vehicle battery plant.
SK On, established in 2021, is a subsidiary of SK Innovation and currently employs over 2,000 people in Georgia. The new facility will be located at Bartow Center and aims to start operations in the first half of 2025.
The news comes in addition to other recently released reports that Hyundai Motor Group has begun construction on its new electric car plant in the US state of Georgia. The plant will have an annual capacity of 300,000 units for Hyundai, Kia, and Genesis electric cars.
The location in Georgia is prime because of its important port system and extensive infrastructure. Other advantages would be the skilled workforce and business-friendly climate. Georgia has been welcoming electric vehicle projects since 2020 and investments total about $17 billion. The business moves have created more than 22,800 new jobs across the state.
Earlier this year, rumors emerged that the company was planning local production of the Hyundai Ioniq 7 SUV, another electric model, starting in 2025. This news further justifies the emergence of battery factories like the one in Georgia. The Ioniq 7 will reportedly come with a 100 kWh battery pack, expected to provide a range of over 500 km (310 miles). On a fast charger, the Ioniq 7's battery could be charged from 10 to 80% in about 20 minutes.