Hyundai Motor And SK On Plan To Build $1.9B JV Plant In US

by Shivani Kumaresan, Benzinga Staff Writer

November 25, 2022 7:03 AM | 1 min read | Make a Comment

Hyundai Motor Company GDR HYMTF, along with SK On, the battery unit of energy group SK Innovation Co Ltd, is planning to invest about $1.88 billion in a new battery factory.
The joint venture battery factory is set to be built in the U.S.
Hyundai Motor and SK On, Reuters reported, are expected to sign a memorandum of understanding on the investment next week.
The facility is anticipated to produce 20 gigawatt hours (GWh), enough to power about 300,000 electric vehicles (EVs).
The plant is expected to open in the first quarter of 2026. The battery unit is likely to be located in Georgia.
Price Action: HYMTF shares closed lower by 1.39% at $29.00 on Wednesday.
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