Hyundai Motors finalises $5 billion battery joint venture in US
A $5 billion joint venture between partner SK and Hyundai Motor Co. has been concluded, according to an announcement from the company. The firms announced a joint venture to produce batteries for electric vehicles (EVs) that would formalise a previous provisional agreement by having the company build a new battery manufacturing facility in Georgia. The manufacturer recorded a net profit of 3.3 trillion won ($2.47 billion) for the January-March quarter, up from 1.6 trillion won a year earlier. This was made possible by an increase in vehicle manufacturing as a global semiconductor shortage subsided and demand for its high-margin sport-utility vehicles remained robust.