National Assembly delegation visits US to discuss IRA ‘discrimination against Korean electric vehicles’
By Seoul = Correspondent Seonwook Kim seonwook.kim@jnilbo.com
Published 2022-12-04 16:57:25
A delegation from the National Assembly left for the United States on the 4th to convey concerns about the US Inflation Reduction Act (IRA), which exempts Korean electric vehicles from subsidies.
A delegation from the National Assembly, including Democratic Party lawmaker Yoon Kwan-seok, a member of the National Assembly’s Trade, Industry, Energy, Small and Medium Enterprises Business Committee, will visit Washington DC from the 5th to the 9th (local time). The National Assembly delegation included members of the National Assembly and the joint government, including Chairman Yoon, opposition secretary Kim Han-jung, Power Power member Choi Hyeong-doo, and Ahn Deok-geun, chief Ministry of Trade, Industry and Energy Trade Negotiations Headquarters.
The delegation plans to meet with members of the US Congress, including key members of the Senate Finance Committee and the House Ways and Means Committee. In voicing domestic concerns about the IRA’s discriminatory subsidies for electric vehicles, he intends to urge a review of the law to resolve discrimination.
In the US Senate and House of Representatives, an amendment to the IRA was proposed to suspend the electric vehicle tax credit requirement for three years, respectively. The delegation intends to persuade the need to amend the law to address discrimination in tax credits for electric vehicles, focusing on this amendment, and ask Congress to promptly review the IRA .
The IRA provides tax credit benefits only for electric cars last manufactured in North America, and includes differential tax benefits for electric cars made in Korea. As a result, Korean electric vehicles will not be able to receive subsidies of up to $7,500 per unit, raising concerns about disruptions to the export of around 100,000 electric vehicles each year.
