South Korean companies are seeking clarification from the United States on which foreign companies they do not have to import critical electric vehicle battery minerals from. This request was made to US Deputy Secretary of Commerce Don Graves during a meeting in Seoul. The executives from South Korean battery and material companies, including LG Energy Solution, SK On, Samsung SDI, Posco Future M, SK ie technology Co., and Lotte Energy Materials Co., attended the meeting. They are asking the US to quickly clarify the definition of “foreign entity of concern” in order to resolve uncertainties in their businesses and investments. The executives also urged the US to consider the complexity and global supply chain interdependence of EV batteries when determining which companies to include as a foreign entity of concern. The US Inflation Reduction Act offers tax credits to buyers of new electric vehicles assembled in North America, but vehicles must meet sourcing requirements for critical minerals and battery components. Beginning in 2024, eligible vehicles cannot contain battery components manufactured by a foreign entity of concern, and from 2025, they cannot contain critical minerals extracted, processed, or recycled by such entities.
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