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Hyundai Motor and SK On to build $1.9 billion JV battery plant in U.S. -report

SEOUL (Reuters) - South Korea's Hyundai Motor Co and SK On plan to invest about 2.5 trillion won ($1.88 billion) to build a new joint venture battery factory in the United States,...
Hyundai Motor and SK On to build $1.9 billion JV battery plant in U.S. -report © Reuters. FILE PHOTO: An employee sits in front of the logo of Hyundai Motor Co. at its dealership in Seoul, South Korea, October 22, 2015. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea's Hyundai Motor Co and SK On plan to invest about 2.5 trillion won ($1.88 billion) to build a new joint venture battery factory in the United States, the Korea Economic Newspaper reported on Friday.

Hyundai Motor and SK On, the battery unit of energy group SK Innovation Co Ltd, are expected to sign a memorandum of understanding on the investment next week, the newspaper said, citing unidentified auto and battery sources.

Targeted to start in the first quarter of 2026, the plant aims to have an initial annual production capacity of about 20 gigawatt hours (GWh), enough to power about 300,000 electric vehicles (EVs), the newspaper said.

"Nothing has been decided on this matter," an official at SK On told Reuters. Hyundai Motor was not immediately available for comment when contacted by Reuters.

The report added the new factory was likely to be located in Georgia, near Hyundai Motor Group's new EV plant.

The South Korean auto group broke ground on a $5.54 billion EV and battery plant in Georgia last month, aiming to begin commercial production in the first half of 2025 with an annual capacity of 300,000 vehicles.

SK On has two battery plants in Georgia.

($1 = 1,331.1000 won)

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08-12-2022 17:11:56 (UTC+7)

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    EUR/USD 1.0497 Buy  
    GBP/USD 1.2164 ↑ Sell  
    USD/JPY 136.93 Neutral  
    AUD/USD 0.6719 ↑ Buy  
    USD/CAD 1.3668 ↑ Sell  
    EUR/JPY 143.74 Sell  
    EUR/CHF 0.9892 ↑ Buy  
    Gold 1,793.85 ↑ Sell  
    Silver 22.878 ↑ Sell  
    Copper 3.8635 Neutral  
    Crude Oil WTI 72.72 Sell  
    Brent Oil 77.77 Neutral  
    Natural Gas 5.795 ↑ Buy  
    US Coffee C 161.58 ↑ Buy  
    Euro Stoxx 50 3,922.45 ↑ Sell  
    S&P 500 3,933.92 ↑ Buy  
    DAX 14,258.05 Neutral  
    FTSE 100 7,488.60 ↑ Buy  
    Hang Seng 19,450.23 Neutral  
    Small Cap 2000 1,806.90 ↑ Buy  
    IBEX 35 8,260.44 Neutral  
    BASF 47.305 ↑ Sell  
    Bayer 52.58 ↑ Buy  
    Allianz 204.18 Neutral  
    Adidas 115.98 ↑ Sell  
    Lufthansa 7.672 ↑ Sell  
    Siemens AG 133.10 Buy  
    Deutsche Bank AG 9.975 ↑ Sell  
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# So hôm qua # Chênh TG
SJC Eximbank6,650/ 6,720
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