Biden’s energy policy is paying off big time.
SEOUL, May 26 (Reuters) — South Korea’s Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits.
Manufacturers must adhere to new U.S. sourcing requirements for EV battery components and critical minerals so that buyers of their vehicles can qualify for up to $7,500 in tax credits under the Inflation Reduction Act (IRA).
Vehicles from Hyundai Motor Co (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible.
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