As the race to complete electrification speeds up, U.S. authorities have become increasingly uncomfortable with America’s reliance on foreign nations in the nascent EV sector. Although American company Tesla was and still is the most dominant entity in the global EV market, a significant percentage of the electric cars on American roads are from overseas carmakers. Furthermore, the country’s electric vehicle battery production capacity pales in comparison to Asian countries such as China.
As such, the Biden administration recently passed a law that would, among other things, bolster America’s budding electric vehicle industry by providing up to $7,500 in tax credits for EV purchases. However, the catch was that these EVs had to be American made to qualify for the tax credits. South Korea, which is…
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