The plant, set to start production in 2026, aims to produce 50,000 metric tonnes LFP cathode materials annually.
South Korea’s LG Chem said on Sunday it has entered into partnership with China’s Huayou Group’s subsidiary Youshan to build a joint electric vehicle battery material plant in Morocco in an effort to diversify its portfolio.annually, enough to be installed in 500,000 entry-class EVs, the South Korean chemical maker said in a statement.
The IRA is designed to wean the United States off the Chinese supply chain for EVs. It requires at least 40% of the value of critical minerals used in an auto battery to be sourced from the United States or a free trade partner to qualify for a $3,750 tax credit per vehicle. South Korea has a free-trade agreement with the United States.
The U.S. Treasury Department has not yet provided a precise definition of “foreign entity of concern” and how it would be applied.
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