South Korea to provide $7 billion in aid to electric vehicle battery supply chain

South Korea's Ministry of Trade, Industry and Energy said it will provide 9.7 trillion won (about 7.1 billion U.S. dollars) in financial aid to local electric vehicle battery manufacturers to establish a new supply chain that complies with U.S. tax exemption rules and ensure the supply of key battery materials. This move will help South Korea's competitive advantage in the electric vehicle battery field.