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Hyundai, SK On to Establish EV Battery Factory in US
SEOUL—Hyundai Motor Group plans to set up an electric vehicle (EV) battery cell production joint venture in the U.S. with partner SK On.
In November 2022, the Group signed a memorandum of understanding with SK On to secure EV battery supply for North America. The total investment amount for the joint venture is expected to be approximately $5 billion, with each company holding a 50 percent stake.