Hyundai Motor bolsters US presence with $5 bln EV battery venture

📆 25/4/2023 6:35 pm
📰 Reuters

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South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in the U.S., boosting electrification efforts in its largest market.

plans to build a joint venture EV battery manufacturing plant in the U.S., sources said.

Hyundai, which makes the Tuscon sport-utility vehicles and the Elantra sedans, reported a net profit of 3.3 trillion won for the January-March period versus a profit of 1.6 trillion won a year earlier, thanks to a rise in vehicle output as a global chip shortage eased and demand for its high-margin SUVs remained strong.

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