S Korea's Hyundai Motor, SK On to build $1.9b JV battery plant in US

S Korea's Hyundai Motor, SK On to build $1.9b JV battery plant in US

FILE PHOTO: The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/

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.

Hyundai Motor and SK On, the battery unit of energy group SK Innovation Co Ltd. are expected to sign a memorandum of understanding on the investment next week, the newspaper said, citing unidentified auto and battery sources.

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