SEOUL : South Korean officials will meet U.S. counterparts this week to express 'concerns' about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials.President Joe Biden signed into law this month a
SEOUL : South Korean officials will meet U.S. counterparts this week to express"concerns" about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials.
Automakers like Hyundai Motor face short-term competitive disadvantage to manufacturers of EVs that receive tax credits in the United States, while industry sources said Korean battery makers must make changes to mineral sourcing routes, which could affect cost adversely. Under new rules to kick in next year, at least 40 per cent of the monetary value of the critical minerals in batteries will need to come from the United States or an American free-trade partner, with that proportion rising to 80 per cent by 2027.
"It's become a huge headache.... Automaker clients said they didn't expect this new law would take effect this soon," said a South Korean battery industry source.
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