Korea Pledges $7 Billion Aid Package for EV Battery Supply Chain [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
Korean authorities will also continue to seek to secure key battery materials so domestic manufacturers can maintain their competitiveness in the US by meeting requirements of the Inflation Reduction Act, the Ministry of Trade, Industry and Energy said Wednesday. The support came after the US last week gave carmakers a two-year reprieve in sourcing minerals, such as graphite, where China dominates the global supply chain. The financial aid will include tax credits and loans, the ministry said, without providing further details. South Korean battery makers, including LG Energy Solution Ltd. and Samsung SDI, have been racing to source graphite from outside China, which late last year tightened export controls on the material. Posco Future M. Co., which supplies General Motors Co., is preparing to import graphite from Africa, with former Chief Executive Officer Kim Jun-hyung describing it as “the most troubling part” in diversification. South Korea's automakers and battery makers
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