November 30, 2022 11:09
Automaker Hyundai signed a memorandum of understanding on Tuesday with SK On to form a battery supply partnership in the U.S.
Hyundai is also in talks with LG Energy Solution to build a battery plant there.
The battery plants will have an annual capacity of 30 GWh each and cost W2.5 trillion each to build (US$1=W1,327). They will probably be built in the southeastern U.S., where Hyundai is also building a new electric car plant.
Under the deal, SK On is to start supplying batteries for major Hyundai EV plants in the U.S. in 2025, but details remain to be discussed.
Hyundai plans to build a new EV plant with an annual capacity of 300,000 cars in the state of Georgia and begin production in 2025 in a bid to grab a big share of the fast-growing North American market.
The project is urgent since the Biden administration has scrapped subsidies for foreign-built electric cars under the Inflation Reduction Act.
Hyundai also plans to gradually turn assembly lines at its existing car plant in Alabama and affiliate Kia's plant in Georgia over to EV production. Its goal is to produce 840,000 electric cars per year in the U.S. by 2030, chiefly the electrified Genesis GV70, Ioniq 5 and Kia pickup trucks.
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