HYMLF - Hyundai Motor and SK On pick Georgia for EV battery manufacturing site

Hyundai Motor Group ( OTCPK:HYMLF ) and SK On have selected a site in Georgia for a new electric vehicle battery manufacturing facility that will supply Hyundai Motor Group's plants in the U.S. SK On is the lithium-ion battery subsidiary branch of South Korean battery maker SK Innovation.

The manufacturing site announcement follows a memorandum of understanding that was inked by Hyundai Motor Group and SK On recently regarding the partnership for a new EV battery facility in the U.S. The companies aim to begin operations at the Georgia site in 2025.

Georgia is becoming something of an electric vehicle hub. Even before the Hyundai-SK On announcement, EV-related projects announced in the state since 2020 total approximately $17B in investment and more than 22,800 new jobs.

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