Hyundai and SK On plan to invest about 2.5-trillion won (roughly R32,179,414,800) to build a new joint venture battery factory in the US, the Korea Economic Newspaper reported on Friday.
Hyundai and SK On, the battery unit of energy group SK Innovation, 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, 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 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's new EV plant.
The South Korean auto group broke ground on a $5.54bn (roughly R94,781,090,000) 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.
Just R20 for the first month. Support independent journalism by subscribing to our digital news package. 