South Korea's Hyundai Motor Co and SK On plan to invest about 2.5 trillion won ($1.88 billion) to build a new joint venture battery factory in the United States, the Korea Economic Newspaper reported on Friday.
An employee sits in front of the logo of Hyundai Motor Co. at its dealership in Seoul, South Korea, October 22, 2015. REUTERS/Kim Hong-Jiand SK On plan to invest about 2.5 trillion won to build a new joint venture battery factory in the United States, the Korea Economic Newspaper reported on Friday., are expected to sign a memorandum of understanding on the investment next week, the newspaper said, citing unidentified auto and battery sources.
Targeted to start in the first quarter of 2026, the plant aims to have an initial annual production capacity of about 20 gigawatt hours , enough to power about 300,000 electric vehicles , the newspaper said. "Nothing has been decided on this matter," an official at SK On told Reuters. Hyundai Motor was not immediately available for comment when contacted by Reuters.Hyundai Motor Group's new EV plantThe South Korean auto group broke ground on a $5.54 billion EV and battery plant in Georgia last month, aiming to begin commercial production in the first half of 2025 with an annual capacity of 300,000 vehicles.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hyundai is Rebuilding The 1974 Pony Coupe Concept With Giugiaro | CarscoopsThe Hyundai Pony Coupe Concept continues to inspire the design of current Hyundai models
Read more »
South Korea has allegedly successfully tested its L-SAM anti-missile defense systemAccording to reports from South Korean news sources, the country has successfully tested its latest air defense systems in response to recent North Korean aggression.
Read more »
South Korea prepares for worst at World Cup parties after Halloween tragedySouth Korea is set to face off against Uruguay on Thursday in what will be its World Cup kickoff.
Read more »
South Korea in demographic crisis as many stop having babiesMany young people in South Korea have chosen not to marry or have children, citing a change of views toward a marriage and family life and uncertainty of their future.
Read more »
South Korea in demographic crisis as many stop having babiesYoo Young Yi’s grandmother gave birth to six children. “My husband and I like babies so much … but there are things that we'd have to sacrifice if we raised kids,” said Yoo, a 30-year-old Seoul financial company employee. There are many like Yoo in South Korea who have chosen either not to have children or not to marry.
Read more »
North Korea slams South Korea's Yoon, warns sanctions will fuel more hostilityNorth Korea on Thursday denounced Seoul's push to impose additional sanctions on Pyongyang after its missile launches, calling South Korean President Yoon Suk-yeol and his administration 'idiots' parroting the United States, state media KCNA reported.
Read more »