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Korean Battery Material Firms Ramp Up Local Precursor Production to Reduce Reliance on China koreabizwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreabizwire.com Daily Mail and Mail on Sunday newspapers.
Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. Five battery materials plants worth about 5.6 trillion won ($4.4 billion) in total have been announced this year by Chinese companies and local partners in South Korea, including battery firms POSCO Future M and SK On, according to a Reuters review of project announcements. The deals follow the introduction of the U.S.'s Inflation Reduction Act (IRA), which requires at least 40% of the value of critical minerals used in an auto battery to be sourced from the United States or a free trade partner to qualify for a $3,750 tax credit per vehicle. ....
Chinese battery firms invest USD 4.4B in South Korea to meet U.S. EV tax credit rules, aiming to reduce reliance on China s supply chains. Five plants announced, following the Inflation Reduction Act s requirement for minerals sourcing from U.S. or partners. South Korea s free-trade agreement with the U.S. enables battery eligibility for tax credits. ....