South Korea pledges $7.1B financial aid for local electric-car battery makers to reduce reliance on China and meet US tax credit rules.
South Korea pledges $7.1B financial aid to support local electric-car battery makers, aiming to reduce reliance on China & meet US tax credit rules. The move follows US granting carmakers a two-year reprieve in sourcing minerals including graphite, where China dominates global supply. South Korea plans to secure key battery materials & provide tax credits & loans to maintain competitiveness in US market per Inflation Reduction Act.
May 08, 2024
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