South Korea to offer $5.3 bn in financing to domestic EV battery firms
South Korea will extend 7 trillion won ($5.31 billion) in financial support to domestic battery makers over the next five years to help them respond to the United States’ Inflation Reduction Act (IRA) and to boost their competitiveness in the sector, the industry ministry said.
The government will extend the financing at lower rates and insurance premiums, among other things, to support battery firms’ facility investment in North America.
The IRA calls for giving up to $7,500 in tax credits to EV buyers whose vehicles are assembled in North America, according to the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
