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Hyundai Motor Group and SK Innovation, the Korean battery maker that is already developing two plants in Georgia, are planning a joint venture to build a $1.9B battery factory near Savannah to produce enough batteries for 300,000 Hyundai electric vehicles a year.
Hyundai and SK are expected to sign a memorandum of understanding Monday in Georgia for a 50-50 joint venture on a factory to produce 20 gigawatt-hours of batteries starting in the first quarter of 2026, The Korea Economic Daily reported last week.
The two companies have been in talks for the plant, which will produce pouch-like nickel batteries for Hyundai’s planned car manufacturing facility in Bryan County, since May, laboring over the size of the stake each was to have in the plant, the KED reported.
Hyundai broke ground in October on its $5.5B EV plant.
SK Innovation is underway with two factories on the outskirts of Atlanta to produce batteries for other EV manufacturers by 2025, including for Kia at its West Point, Georgia, facility. SK’s presence in Georgia has helped the state make strides in attracting EV and EV component makers as the industry pivots toward electric vehicles.
KED reported that Hyundai/SK's new plant would likely be located around Savannah to support the vehicles being made in Bryan County.
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