Hyundai Approves EV Battery Joint Venture

Researched by Industrial Info Resources (Sugar Land, Texas)--Last week, Hyundai Motor Group (Seoul, South Korea) announced it has approved a U.S. electric vehicle (EV) battery-production joint venture with a subsidiary of South Korean firm SK Innovation Company Limited (Seoul), which features the construction of a $5 billion lithium ion battery-manufacturing plant in Barstow County, Georgia. Industrial Info is tracking another major EV battery project from Hyundai in Georgia, which is part of the automaker's $12.2 billion worth of projects in the U.S. being tracked by Industrial Info.

Hyundai's 50:50 joint venture with SK On includes the new plant in Cartersville, Georgia, which is planned to produce 35 gigawatt-hours (GWh) of battery cells per year, enough to produce 300,000 EVs. Although Hyundai did not say when it expects construction to begin, it said it aims to begin production in the second half of 2025. The 3.3 million-square-foot manufacturing plant will supply EV batteries for Hyundai and Kia products produced in the area. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a detailed project report.

Industrial Info is tracking another major EV project in Georgia from Hyundai, which already is underway: the $5.5 billion EV and battery-assembly plant in Bryan County, which would feature a production capacity of up to 300,000 EVs per year as well as EV battery production. The project entails constructing 11 buildings totaling up to 17 million square feet and is expected to wrap up in March 2025. Subscribers can click here for the project report.

Meanwhile, Hyundai is at work on a $926 million EV power electric systems manufacturing plant, also in Bryan County. According to the Idaho National Laboratory (Idaho Falls, Idaho), one of the U.S. Department of Energy's national laboratories, EV power systems consist of a motor that provides power and a controller that helps to control speed and acceleration. The project involves constructing a 1.2 million-square-foot building to produce up to 900,000 power systems. Completion is expected in April 2024. Click here for the project report.

The automaker also is expanding its operations in Montgomery, Alabama, to begin assembling EVs and producing related batteries. Construction of a $300 million expansion at its Montgomery assembly plant kicked off last year, with completion expected in late 2025. When complete, the plant initially will begin manufacturing Hyundai's Santa Fe (hybrid) and all-electric GV70 models. The $205 million EV battery-production addition at the Montgomery Front & Rear Chassis Modules plant will support the new EV assembly. Construction is expected to kick off next month, with completion in late 2024. Subscribers can learn more by viewing the reports on the expansion and battery plant addition projects.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Subscribers can click here for a list of Hyundai projects in the U.S.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).