SOUTH KOREA WELCOMES US DECISION TO EXTEND USE OF CHINESE GRAPHITE IN EVS
- NEWS Desk Global
- May 8, 2024
- 1 min read
South Korea has expressed its appreciation for the United States' decision to extend automakers' eligibility for electric vehicle tax credits, particularly for cars containing Chinese graphite, through 2026. This move aligns with efforts to diversify the electric vehicle battery supply chain away from heavy reliance on China.
The U.S.'s Inflation Reduction Act, aimed at reducing dependence on Chinese supply chains, is being closely monitored by automakers as they plan their investments. South Korea's industry ministry has affirmed its commitment to securing key battery materials to ensure that domestic battery manufacturers and carmakers can meet the requirements of the Inflation Reduction Act. This strategy is essential for maintaining their competitiveness in the U.S. market.
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