SEOUL (Bloomberg): South Korea views new US rules that favour American-made electric vehicles and batteries as a "betrayal,” a senior official in Seoul said, an issue that threatens to complicate economic and security cooperation between the close allies.
The dispute stems from provisions in the Inflation Reduction Act signed last month by President Joe Biden, which includes tax credits of as much as US$7,500 for purchases of electric vehicles made in North America. That could disadvantage major South Korean brands like Hyundai and Kia, which don’t have operational EV plants in the US.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
