GM, Hyundai investing $8B in new US battery plants
Energy,Transportation,Electric Vehicles,General Motors,Cars,Business,Manufacturing
General Motors and Hyundai on Tuesday announced new investments in U.S. battery manufacturing plants totaling $8 billion.
The new facilities will help the automakers meet local sourcing requirements required to qualify for federal electric vehicle tax credits.
GM is partnering with Samsung SDI on a $3 billion plant that is set to open in 2026 at a yet-to-be-disclosed location.
"GM’s supply chain strategy for EVs is focused on scalability, resiliency, sustainability and cost-competitiveness. Our new relationship with Samsung SDI will help us achieve all these objectives," GM Chair and CEO Mary Barra said in a press release.
"The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually."
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