South Korea has announced a significant $7 billion initiative aimed at reducing its electric vehicle (EV) battery industry's dependency on Chinese supply chains. This move aligns with U.S. trade policies and complements the U.S. decision to extend automakers' eligibility for EV tax credits using Chinese graphite. Concurrently, Toyota is bolstering its supply chain with a $12.9 billion investment for the fiscal year ending March 2025, focusing on future mobility technologies including EVs and hydrogen technology. Additionally, Toyota is constructing a $14 billion EV battery plant in Greensboro, North Carolina, as part of a broader U.S. strategy to revitalize manufacturing and secure blue-collar support.
VIDEO: A new “battery belt” is taking shape across the southeast as President Joe Biden pushes to rebuild US manufacturing and win blue-collar votes. As part of this project, Toyota is building a $14 billion electric vehicle battery plant in Greensboro, North Carolina. https://t.co/tJEaisFKRw
South Korea is dedicating around $7 billion to help wean its electric-vehicle battery supply chain away from China and align more with U.S. trade guidelines. https://t.co/wDAEFeDFnn https://t.co/CENqQSSGZv
Toyota plans to invest $12.9 billion in the financial year ending March 2025 to strengthen its supply chain management and future mobility efforts, including electric vehicles and hydrogen technology. https://t.co/nV6CbBqmuL
South Korea Plans $7 Billion Push to Pivot EV Battery Industry Away From China https://t.co/3ACdDS3KbH
⚠️ SOUTH KOREA WELCOMES US DECISION TO EXTEND USE OF CHINESE GRAPHITE IN EVS Full Story → https://t.co/wb2XpJAR5I South Korea on Wednesday welcomed a U.S. decision to extend automakers' eligibility for electric vehicle tax credits for cars containing Chinese graphite through… https://t.co/xv2qLzPynq