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SEOUL - South Korea on Wednesday welcomed a U.S. decision to extend automakers' eligibility for electric vehicle tax credits for cars containing Chinese graphite through 2026.
"In the case of graphite, it was difficult to diversify the supply chain in a short period of time, making it difficult to receive U.S. EV tax credits for batteries ... we have been actively consulting with the U.S. government, and our request was reflected in the final rules," the industry ministry said in a statement.
The new rules now let car buyers get up to $7,500 in tax credits for electric vehicles containing Chinese graphite through 2026.
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