Hyundai Motor Co. has sealed a $5 billion electric vehicle (EV) battery joint venture in the US, in a bid to boost electrification efforts in its largest market. This follows the unveiling of the company’s first-quarter net profit, which more than doubled and surpassed expectations. Share prices of the automaker rose by as much as 5 percent to a seven-month high, as the company announced that it would boost shareholder returns. Hyundai, which owns sister company Kia Corp., is partnering with SK Innovation Co Ltd’s battery unit, SK On, to construct a new battery manufacturing plant in Georgia, formalising a previous agreement. The move follows new sourcing regulations in the US for EV battery components and crucial minerals to allow car buyers to qualify for up to $7,500 in credits under President Joe Biden’s Inflation Reduction Act. The Hyundai-SK On Georgia plant is expected to commence manufacturing battery cells in the second half of 2025, with an annual production capacity of 35 GWh, ample to support the production of 300,000 EVs.