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South Korea welcomes US guidance on criteria for electric-vehicle batteries under IRA

( April 3, 2023, 03:13 GMT | Official Statement) -- MLex Summary: The South Korean trade ministry has welcomed new guidance by the US Treasury that outlines the criteria for critical minerals and battery components to be eligible for electric-vehicle tax credits under the US Inflation Reduction Act. The ministry said that the guidance largely reflects the views raised by the South Korean government and businesses. It enables South Korean manufacturers of electric-vehicle batteries and battery materials to meet the criteria without making significant changes to their current manufacturing processes. The guidance also leaves possibilities to expand the countries that the US has free trade agreements with to include more countries involved in extraction and processing of minerals. The ministry expects that the new guidance will facilitate new investment opportunities for South Korean companies and lead to the development of a robust battery supply chain between the two countries.The statement, in Korean, is attached....

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