Over the next five years, South Korea will provide 7 trillion won (approximately 5.3 billion US dollars) of financial support to Korean battery manufacturers building factories in North America, including a 20% reduction in loan interest rates and insurance premiums, and more loans and tax exemptions for battery and material production enterprises. This move is a response to the United States' demand for the production of electric vehicles in the United States and the procurement of electric vehicle components outside of China. View Details >