With the popularity of Electric Vehicles (EV), the battery market is also growing rapidly. South Korea’s top car maker Hyundai Motor and SK Group’s battery manufacturing arm SK ON have teamed up to secure a good position in that market. The two companies are going to invest $4 billion to set up a battery manufacturing plant.
According to The Korea Herald, the construction of this factory in Georgia, USA, will be completed in 2025. The two companies signed a business agreement to build the joint factory in Bartow County, 100 kilometers northwest of Atlanta, by the end of November.
Hyundai Group’s electric vehicles will be powered by the batteries that will be manufactured at the new factory. Work on this EV plant in Georgia is currently underway.
Earlier, Hyundai prepared the field for a $5.54 billion EV plant in Savannah, Georgia. The battery plant is being built next to the Hyundai and SK ON facilities.
According to the government of Georgia, 35,000 new jobs will be created as a result of investing 400-500 million dollars in the construction of the plant. Georgia Department of Economic Development Commissioner Pat Wilson said this investment will strengthen Georgia’s electric vehicle ecosystem.