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Amid calls in the United States to reduce dependence on Chinese lithium batteries, the South Korean government announced a fiscal plan of 38 trillion Korean won (approximately $290 billion US) on Wednesday, aimed at helping 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 13 that the government, under President Yoon Suk-yeol, aims to enhance the competitiveness of the Korean battery industry from mining to recycling. And financial assistance will take the form of loans, credit guarantees, reduced lending rates, and will be utilized to invest in production facilities in North America, aiding companies in obtaining tax incentives under the U.S. Inflation Reduction Act.

Additionally, the South Korean government plans to raise a fund of 1.5 trillion Korean won to help companies secure mineral resources and expand overseas production. While acknowledging that the three major battery manufacturers in South Korea (LG Energy Solution, Samsung SDI, and SK On) currently control nearly half of the global electric vehicle battery market outside of China, the statement emphasized the urgency of diversifying the supply chain and internalizing raw materials.

Source: WeChat Official Account—马里亚纳锂电

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