GM, Hyundai investing $8B in new US battery plants

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."