Hyundai Motor Group and General Motors announced separately Tuesday plans to build electric vehicle battery plants in the U.S. in partnership with South Korean battery manufacturing firms.
Hyundai will set up a $5 billion battery cell production joint venture in the U.S. with SK On, the company that is also working with Ford to set up battery plants. GM will partner with Samsung SDI to jointly invest $3 billion in an EV battery plant.
The partnerships come as EV battery competition heats up in the U.S., with automakers foreign and domestic racing to build battery supply chains nationally in order to be eligible for the Biden administration’s EV tax credit. New battery sourcing rules went into effect in April that restrict the full $7,500 tax credit to vehicles with battery materials procured and processed in the U.S. or by trade agreement partners.
The announcements also come as South Korean President Yoon Suk Yeol travels to Washington to meet with President Joe Biden. South Korean automakers have pushed back against the administrati …
