Who supplies batteries for electric cars in the US
2022.11.29 02:57
Who supplies batteries for electric cars in the US
Budrigannews.com – According to a statement made on Tuesday, the battery manufacturer SK On and Hyundai Motor Group, which is based in South Korea, have reached an agreement regarding the supply of EV batteries in North America.
SK On said in a statement that the memorandum of understanding (MOU) allows the two businesses to work together to supply the auto group’s plants in the United States after 2025 with batteries for the production of electric vehicles.
In addition, the partnership enables the two businesses to formulate a response to the August’s Inflation Reduction Act’s requirements for U.S. tax credits.
In order to qualify for tax credits, at least 40% of the value of critical minerals used in batteries must originate in the United States or a free-trade partner of the United States. In 2027, this requirement will rise to 80%.
