SEOUL — Hyundai Motor on Tuesday said it would set up an electric vehicle battery factory in the U.S. with fellow South Korean joint-venture partner SK On, as the automaker reported an 86.3% annual rise in operating profit to 3.6 trillion won ($2.7 billion) in the first quarter.
Hyundai Motor Group, which includes Hyundai Motor, Kia and other affiliates, said that the battery cell production facility will be built in the state of Georgia for a total investment of about $5 billion. Hyundai and battery maker SK On will each hold a 50% stake in it.