The corporate name of the battery manufacturing joint venture between SK On and Hyundai Motor Group has been confirmed as "HSBMA" (Hyundai SK Battery Manufacturing America).
According to SK On's social networking service (SNS) LinkedIn on the 26th, HSAGP (a provisional name), the North American joint venture between SK On and Hyundai Motor Group, posted on its official channel that the official corporate name of the joint venture between Hyundai Motor Group and SK On has been decided as "HSBMA."
HSBMA plans to begin commercial operations this year after Hyundai Motor Group and SK On released the launch of the joint venture on Apr. 25, 2023, and after completing more than 90% of construction to date. It is expected to have an annual battery cell production capacity of 35 gigawatt-hours (GWh), enough for about 300,000 electric vehicles, in Bartow County, Georgia, in the United States. The two companies are jointly investing a total of $5 billion and each hold 50% equity.
Previously, in Apr. 2023, Hyundai Motor Group said that battery cells produced by HSBMA would be made into battery packs by Hyundai Mobis and supplied in full to Hyundai Motor, Kia and Genesis electric vehicles manufactured in the United States.
HSBMA is considered advantageous for supply chain management because it is adjacent to Hyundai Motor Group Metaplant America (HMGMA), the Kia Georgia Plant and the Hyundai Motor Alabama Plant. SK On currently supplies batteries to core models such as the Hyundai Motor Ioniq 5, Kia EV6, EV9 and Genesis GV60. There are also expectations for expanded HSBMA supply in line with HMGMA's production scale expansion.
Meanwhile, SK On plans to further strengthen its local North American production capacity through the Georgia standalone plant SK Battery America (22 GWh), which is already in operation, the HSBMA plant (35 GWh), which is slated to begin operations, and the BlueOval SK Tennessee standalone plant (45 GWh), which is set to be converted into a standalone facility.