Trump EV Skepticism Threatens $54 Billion in Korea Plans
- South Korean battery makers are rethinking US investments
- President-elect has blasted Biden-led incentives to buy EVs
Cutting tax credits would hit Korean battery companies hard at a time they’re suffering from weaker demand for EVs.
Photographer: David Paul Morris/BloombergSouth Korean companies are reconsidering their $54 billion investment blitz to build electric-vehicle battery plants in the US over concerns President-elect Donald Trump could undo tax credits for EVs.
Some Korean companies have slowed or hit the pause button on any ongoing construction of some plants because they’re concerned about reduced demand for EVs and what Trump would do during a second term in the White House, people familiar with the matter said, asking not to be identified due to the sensitivity of the issue. Posco Future M, which makes cathodes for General Motors Co., said in a filing in September that it is delaying the completion of its plant in Quebec due to “local conditions.”