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.
Automobiles
Hyundai plans U.S. EV battery plant, posts Q1 profit jump
Georgia factory worth around $5bn to be built in JV with South Korea's SK On
Hyundai Motor is betting big on electric vehciles, as it seeks to diversify its revenue sources. © Reuters
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