South Korea’s biggest maker of electric-vehicle batteries is betting on rapid growth in the US following a package of climate-friendly tax breaks to close in on its biggest Chinese rival as competition in the sector intensifies.
The North American market for EV batteries is set to be the world’s fastest growing this year, said Robert Lee, LG Energy Solution’s regional head.
Korean battery makers have been boosted by the passage of the US Inflation Reduction Act, which offers billions of dollars in subsidies to companies that make EVs in the US without depending on Chinese components. The act is part of Washington’s efforts to reduce US economic dependence on China.
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