{"id":164592,"date":"2023-05-26T12:23:13","date_gmt":"2023-05-26T17:23:13","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2023\/05\/hyundai-motor-group-lg-energy-to-build-4-3-billion-ev-battery-plant-in-us"},"modified":"2023-05-26T12:23:13","modified_gmt":"2023-05-26T17:23:13","slug":"hyundai-motor-group-lg-energy-to-build-4-3-billion-ev-battery-plant-in-us","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2023\/05\/hyundai-motor-group-lg-energy-to-build-4-3-billion-ev-battery-plant-in-us","title":{"rendered":"Hyundai Motor Group, LG Energy to build $4.3 billion EV battery plant in US"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/hyundai-motor-group-lg-energy-to-build-4-3-billion-ev-battery-plant-in-us2.jpg\"><\/a><\/p>\n<p>Biden\u2019s energy policy is paying off big time.<\/p>\n<hr>\n<p>SEOUL, May 26 (Reuters) \u2014 South Korea\u2019s Hyundai Motor Group and LG Energy Solution Ltd (LGES) <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/373220.KS\" target=\"_blank\" class=\"\">(373220.KS)<\/a> on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits.<\/p>\n<p>Manufacturers must adhere to new U.S. <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/us-unveils-stricter-ev-tax-credit-rules-take-effect-april-18-2023-03-31\/\" class=\"\">sourcing requirements<\/a> for EV battery components and critical minerals so that buyers of their vehicles can qualify for up to $7,500 in tax credits under the Inflation Reduction Act (IRA).<\/p>\n<p>Vehicles from Hyundai Motor Co <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/005380.KS\" target=\"_blank\" class=\"\">(005380.KS)<\/a> and sister automaker Kia Corp <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/000270.KS\" target=\"_blank\" class=\"\">(000270.KS)<\/a> are currently not eligible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biden\u2019s energy policy is paying off big time. SEOUL, May 26 (Reuters) \u2014 South Korea\u2019s Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Manufacturers must adhere [\u2026]<\/p>\n","protected":false},"author":672,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1497,31,17,1491],"tags":[],"class_list":["post-164592","post","type-post","status-publish","format-standard","hentry","category-energy","category-policy","category-sustainability","category-transportation"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/164592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/672"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=164592"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/164592\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=164592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=164592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=164592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}