Hyundai Heavy Industries Co. ,the world's largest shipbuilder by orders, said Monday it has set up a $200 million joint venture with Magna E-Car, a Canadian electric-car parts supplier, to develop batteries for electric vehicles.

The joint venture of Hyundai Heavy and Magna E-Car, targeting a 30% market share in the electric-car battery markets in the U.S. and Europe by 2020, plans to build eight plants in the U.S. and Europe to produce 800,000 battery packs a year by 2020, the Korean shipbuilder said in a statement.