Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the state of Georgia to supply the Korean automaker's U.S. assembly plants.
Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said.
The companies aim to begin operations in 2025 and said "stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment" in Georgia's Bartow County. Hyundai separately broke ground in October on a $5.54 billion electric vehicle (EV) and battery plant in Georgia's Bryan County.
(Reporting by David Shepardson; Editing by Toby Chopra)