America’s Inflation Reduction Act, a landmark climate and health-care law, includes new standards that electric vehicles must meet to earn their buyer a tax credit worth $7,500. No South Korean cars will qualify
. The change is meant to encourage Americans to buy electric, and to give carmakers more reason to bring their factories and supply chains into America’s orbit. No South Korean cars will qualify.s must henceforth be assembled in Canada, Mexico or the United States. And from January they must meet two additional criteria, each worth half of the $7,500.
The battery requirements are the bigger problem. China produces three-quarters of the world’s lithium-ion batteries and is involved in the mining, processing or refining of half the cobalt, graphite and lithium crucial to battery production. It is likely to continue making the lion’s share of the world’s lithium-ion batteries until at least 2030, reckons the International Energy Agency, a forecaster.
Countries friendly with America, such as Australia, Chile and South Korea itself, do have respectable capacity to produce some of the minerals used in batteries. They could stand to profit. Not only have some South Korean battery-makers announced an accelerated shift to North America, where thewould provide them with subsidies, they can also woo business that would otherwise have gone to Chinese manufacturers. But all of that will take time.
Despite months of wrangling over the bill in America, South Korea was caught off guard by its passage. Pundits and politicians chided their government for being ill-prepared, as well as America for potentially violating bothrules and the two countries’ free-trade agreement. South Korean officials have launched a flurry of lobbying. Yoon Suk-yeol, the president, raised the issue with Mr Biden three times in two days while in America and Britain.is hardly about to be amended.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
China's Largest Fuel Export Quota Of 2022 Could Spark Oil Demand Growth | OilPrice.comGlobal oil demand could soon pick up pace after the world’s top crude oil importer, China, issued its biggest fuel export quotas to its refiners for this year.
Consulte Mais informação »
Electric vehicle push prompts ‘reinvention’ at car parts suppliers\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Consulte Mais informação »
Police pictured digging for Moors murder victim Keith Bennett as 'skull found'Police teams are currently searching an area of Moorland near Saddleworth after the shocking discovery
Consulte Mais informação »
Issa brothers' EG Group invests £25m in zero-emission vehicles firmBlackburn-headquartered EG Group has further backed Hydrogen Vehicle Systems following a £5m investment last year
Consulte Mais informação »
Driver arrested after failing to stop before crashing into train station fenceDriver of cloned car arrested after failing to stop for police before crashing into fence at train station
Consulte Mais informação »