South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act.
Government support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms' battery and material production facilities in the region, the industry ministry said.
The U.S. Treasury Department last week unveiled stricter electric vehicle tax rules, requiring automakers to source a certain percentage of critical minerals for EV batteries from the United States or a U.S. free-trade partner to qualify for new U.S.
"Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act," Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms. In November, South Korea launched the government-backed battery alliance to better source key metals dominated by China to bolster battery supply chain stability.
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