Hyundai Establishes Battery Cell JV In US; Posts 25% Growth In Q1 Revenue

Hyundai Motor Company HYMTF plans to set up an electric vehicle (EV) battery cell production joint venture in the U.S. with partner SK On.
The Group affiliates Hyundai Motor Company, Kia Corporation and Hyundai Mobis, each approved the plan at their respective board meetings.
The total investment amount for the joint venture is expected to be approximately $5 billion, with the Group and SK On each holding a 50% stake.
Through the joint venture, both parties plan to establish an EV battery cell plant in Bartow County, Georgia, close to the Group’s U.S. production facilities.
The new plant is expected to start manufacturing battery cells in the second half of 2025 with an annual production capacity of 35 GWh, to support the production of 300,000 EVs.
The company’s Q1 revenue increased 24.7% Y/Y to 37.78 trillion won.
The operating profit for the quarter jumped 86.3% to 3.59 trillion won.
Hyundai sold 1.02 million units in Q1, a 13.2% increase Y/Y.
Price Action: HYMTF shares traded higher by 1.97% at $36.70 on the last check Tuesday.
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