South Korea Announces 38 Trillion Won Financial Aid Plan for Battery Manufacturers

Publicado: Dec 13, 2023 09:23

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The South Korean government has introduced a 38 trillion won financial aid plan for battery manufacturers. The plan, announced on Wednesday, aims to help local electric vehicle battery manufacturers diversify their supply chains over the next five years. The South Korean Ministry of Economy and Finance stated on December 13th that the government hopes to enhance the competitiveness of the Korean battery industry from mining to recycling. The financial assistance will take the form of loans, credit guarantees, and lower borrowing rates, and will be used to invest in production facilities in North America and help companies obtain tax breaks under the 'Inflation Reduction Act.' The government also plans to raise a 1.5 trillion won fund to help companies acquire mineral resources and expand overseas production.

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