- Hyundai Motor Company GDR HYMTF, along with SK On, the battery unit of energy group SK Innovation Co Ltd, is planning to invest about $1.88 billion in a new battery factory.
- The joint venture battery factory is set to be built in the U.S.
- Hyundai Motor and SK On, Reuters reported, are expected to sign a memorandum of understanding on the investment next week.
- The facility is anticipated to produce 20 gigawatt hours (GWh), enough to power about 300,000 electric vehicles (EVs).
- The plant is expected to open in the first quarter of 2026. The battery unit is likely to be located in Georgia.
- Price Action: HYMTF shares closed lower by 1.39% at $29.00 on Wednesday.
- Photo Via Company
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