Hyundai, Samsung and General Motors will install battery factories in the US.

US automaker General Motors (GM) and South Korean Samsung are expected to announce plans today to establish an electric vehicle battery manufacturing plant in the US.

South Korean automaker Hyundai Motor has agreed to the final version of the partnership, which will establish a US$5 billion electric car battery factory.

The sources, who did not provide information on the details of the investment, said that General Motors wants to diversify the manufacturers of the parts it uses in the vehicles it produces. Hyundai, for its part, announced that SK On, SK Innovation’s battery unit, will build its battery factory in the US state of Georgia.

The United States is also Hyundai’s largest market. The factory, with an annual production capacity of 35 GWh, enough for approximately 300,000 cars, is expected to start battery cell production in the second half of 2025.

SOUTH KOREA LEADER IN THE US

South Korean President Yoon Suk Yeol is in Washington to meet US President Joe Biden. Yoon Suk Yeol is the first South Korean leader to visit the United States in 12 years.

More than 100 executives from top South Korean companies, including Jay Y. Lee, CEO of Samsung Electronics, and Euisun Chung, CEO of Hyundai Motor, thanked Yoon, who made business opportunities a major theme in the agenda during your visits to foreign countries. accompanies

While GM and Samsung SDI have not announced when the announcement will be made, news of a possible joint venture between GM and Samsung SDI appeared in the South Korean media last month.

Detroit-based GM, like other automakers, wants to diversify its battery supply chain and secure the parts capacity required for electric vehicle targets to compete with Tesla, the industry leader. of electric vehicles.

General Motors already has a joint venture with another South Korean battery maker, LG Energy Solutions. GM is investing in the construction of three manufacturing facilities with LG under the Inflation Reduction Act, which was enacted to bring manufacturing facilities back to the United States and introduced incentives for automakers.

THE TAX REGULATIONS WERE EFFECTIVE

Tax regulations in the US have been changed to require that at least 50 percent of their car parts be made or assembled in North America in order for EV owners to take advantage of the $30 EV tax deduction. 3,750. (Reuters)