Hyundai Motor, SK On in EV battery supply pact in N. America
- Country:
- Korea Rep
South Korea's Hyundai Motor Group and battery maker SK On have signed a pact on the supply of electric vehicle (EV) batteries in North America, the companies said on Tuesday.
In a statement, SK On said the memorandum of understanding (MOU) lets the two companies cooperate in providing its batteries to the auto group’s plants in the United States after 2025 for production of electric vehicles. It added that the partnership allows the two firms to shape a response to the U.S. tax credit qualifications required under August's Inflation Reduction Act.
From next year, at least 40% of the value of critical minerals for batteries will have to come from the United States or a U.S. free-trade partner in order to receive tax credits, a threshold set to rise to 80% in 2027.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
South Korea's Prime Minister and top officials step down following election loss
ANALYSIS-After election rout, compromise may better serve South Korea's combative president
ANALYSIS-After election rout, compromise may better serve South Korea's combative president
Potential new headline: What led to the loss of Yoon's party in South Korea's elections and the challenges ahead for the leader
Soccer-Player release issues threaten Japan and South Korea's Olympic hopes