Hyundai Motor Group and SK On said on Thursday they will build a new battery manufacturing plant in the U.S. state of Georgia to supply the South Korean automaker’s U.S. assembly plants.
Hyundai Motor Group and SK Innovation’s lithium-ion battery subsidiary SK On recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing plant and details of the partnership are still being worked out, the companies said.
The companies aim to start operations in 2025 and say “stakeholders estimate it will create more than 3,500 new jobs in Bartow County, Ga., through an investment of approximately $4-5 billion.” Hyundai broke ground in October on separate $5.54 billion electric vehicle (EV) and battery plants in Bryan County, Georgia.
SK Innovation opened a $2.6 billion battery factory in Commerce, Ga., in January to make batteries for the Ford F-150 EV.
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Hyundai and SK did not immediately say how much they plan to invest in the battery plant. Automakers and battery companies are building battery assembly plants across the United States as the industry shifts to electric vehicles.
Hyundai, Kia and the South Korean government are heavily lobbying the Biden administration to relax a new rule that immediately in August made all electric vehicles assembled outside of North America ineligible for a $7,500 tax credit — including the South Korean automaker’s electric vehicles. car.
The South Korean government on Tuesday urged the finance ministry to “broadly interpret ‘commercial cleaning vehicles'” to include leased cars, leased vehicles and vehicles purchased for use in Uber or Lyft ride-sharing fleets.
Georgia Gov. Brian Kemp told Reuters in October that EV tax credit rules should be changed to ensure that Hyundai and Kia Motors are eligible when they complete work on their EV assembly plants in the state. credit.
Kemp criticized the $430 billion climate bill approved in August that rewrote tax credit rules.
“Its goal is to help many union-based suppliers in the United States,” Kemp said.
First published date: December 9, 2022 at 17:34 PM CST
https://auto.hindustantimes.com/auto/electric-vehicles/with-focus-on-evs-hyundai-to-join-hand-with-sk-to-build-new-battery-plant-in-us-41670587121321.html