SK On's Expectations Rise on Positive Momentum for Hyundai Ioniq 5 Amid U.S. EV Top Three and Robotaxi Prospects

[Financial News] Hyundai Motor Group's flagship electric vehicle, the Hyundai Ioniq 5, is continuing its strong sales performance in the U.S. and is also set to be produced locally as a robotaxi vehicle. As the global robotaxi market is projected to grow to $1 trillion by 2040, positive developments are piling up around the Hyundai Ioniq 5. That is also raising expectations for improved utilization at SK On's North American production base, which supplies batteries exclusively for all Hyundai Ioniq 5 output.


According to Kelley Blue Book, a U.S. automotive market research firm, Hyundai Ioniq 5 sales in the U.S. rose 47.6% from 22,982 units in 2022 to 33,918 in 2023, then increased another 30.9% to 44,400 in 2024. In 2025, sales reached 47,039 units, up 5.9%.
In particular, first-half sales this year came to 20,730 units, up 8.6% from a year earlier. That places the model third in U.S. EV sales, behind Tesla's Model Y and Model 3. The figure stands in contrast to the 23.8% decline in total U.S. EV sales to 462,892 units over the same period.
The Hyundai Ioniq 5 is emerging not only as a strong-selling model but also as a key vehicle for the robotaxi business. Hyundai Motor Group Chairman Chung Eui-sun said at the San Francisco AI Summit in San Francisco on the 24th of last month, "We are planning to produce Hyundai Ioniq 5 vehicles equipped with autonomous-driving-specific specifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia." He added, "These vehicles will be deployed in Waymo robotaxi services to help build a safe and innovative autonomous-driving ecosystem and expand the new mobility foundry market."
Industry watchers say Waymo is considering introducing up to 50,000 Hyundai Ioniq 5-based vehicles by 2028. The contract value is estimated at around $2.5 billion, or about 376 billion won.
That is drawing attention to SK On, which supplies high-nickel NCM batteries for the Hyundai Ioniq 5. SK On currently supplies batteries exclusively for all globally produced Hyundai Ioniq 5 units, and its batteries have already been installed in the Hyundai Ioniq 5 robotaxi vehicles that have been produced.
The supply base is SK Battery America, Inc. (SKBA), a standalone plant in Georgia. At HSBMA, the joint venture with Hyundai Motor Group, batteries for the Hyundai Ioniq 9 are currently being produced. The plant began operations in June and is understood to be in the early ramp-up stage.


Expectations for the robotaxi market's growth are also being revised upward quickly. In a report released on the 17th of last month, Morgan Stanley estimated that the robotaxi market could reach about $1 trillion by 2040, including mobility services, vehicles, software, and related industries. The firm forecast that the industry would break even in 2028, then grow sharply for several years, with about 2.5 million robotaxis operating worldwide by 2035.
North America stands out in particular. According to Fortune Business Insights, North America accounted for about 54.1% of the global robotaxi market in 2025, making it the largest market. As the robotaxi business moves beyond the pilot stage and into full-scale expansion, analysts say conditions are likely to favor companies that can produce and supply batteries locally.
That is why SK On is drawing attention.
SK On operates SKBA Plants 1 and 2 in Georgia, with a combined capacity of 22 GWh, as well as the HSBMA plant, a joint venture facility with 35 GWh. In addition, the Tennessee battery plant, with 45 GWh of capacity, is scheduled to begin operations in 2028, giving the company up to 100 GWh of production capacity in North America.
An industry source said, "As the robotaxi market grows, the ability to produce and supply batteries stably in North America becomes more important." The source added, "SK On's North American production base, with up to 100 GWh of capacity, is likely to gain greater strategic value."
[email protected] Kim Dong-chan Reporter