S. Korea battery makers concerned over US tax credit reform

Under the new EV rules, to be implemented from Jan 1, 2023, at least 40% of the value of critical minerals for batteries needs to be from the United States or an American free-trade partner for manufacturers to qualify for US tax credits. — dpa

SEOUL: South Korean battery makers have urged the United States government to factor in the realities of a complex supply chain for the industry and not hold the sector to “impossible requirements” ahead of the implementation of new US electric vehicle (EV) tax credit rules.

LG Energy Solution Ltd (LGES), SK Innovation’s SK On and Samsung SDI Co Ltd expressed their concerns about the EV tax credit rules in comments submitted to the US Internal Revenue Service.