South Korea Is One of Only a Few Foreign Countries That Will Benefit from the New EV Tax Credit Changes

With new EV tax credit changes taking place in the U.S., foreign automotive manufacturers are scrambling to ensure they aren’t cut out of the market. Will South Korea be the exception? 
Written by Jason Crosby
Reviewed by Serena Aburahma
Oct 24, 2022
When sweeping new
EV
tax credit changes came out earlier in 2022, American car companies were less than pleased. 
Vehicles can now only be eligible if they’ve been built using essential battery and electrical components built in North America—meaning that other suppliers are out of luck. 
But one country, South Korea seems to be keen on being the exception. So will South Korea be lucky enough to secure an exclusive trade deal with the U.S.? 
At Jerry, we make all of our users lucky—because it’s our mission to help them find the most affordable
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What are South Korea’s concerns in light new EV tax credit changes? 

Automotive News
reports that South Korean president Yoon Suk-Yeol has been keen on talking to President Biden about the recent EV tax credit changes. 
These new adjustments worry South Korean officials and car companies, who are concerned that the electrical EV parts they produce in South Korea will no longer be marketable in the U.S.—after all, North American carmakers will likely pander to U.S. residents, and use North American parts, so that their vehicles are eligible for the new EV tax credit changes. 
The Biden Administration hopes that American car owners
will be swayed
enough by EV tax credits to switch from their ICE vehicles. 

South Korean officials continue talks while Hyundai begins construction 

Though no official news has been released yet, President Biden is exchanging letters with South Korean officials as well as other documents; he’s still in talks with South Korea’s president. 
In the meantime, the South Korean brand Hyundai is building another U.S.-based facility, this time in Georgia. This is a smart strategy, as the brand’s vehicles and parts will be eligible for the
EV tax credit changes
.  

With all these EV tax credit changes, maybe it’s time to change your insurance policy with the Jerry app, too

With EV tax credit changes in place, more and more manufacturers will be producing cars that qualify. If you’re looking for a new EV, you may be looking for a new insurance company, too.
Jerry
can provide you with competitive quotes in under a minute. 
Swapping is just as effortless. Jerry takes care of all the paperwork and phone calls and can even assist you in canceling your old policy
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Allstate
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Chubb
ClearCover
CSE
Dairyland
DirectAuto
Elephant Auto Insurance
Kemper
Libertymutual
Gainsco
Mapfre
Mercury Auto
Metromile
Nationwide
Plymouth Rock
Progressive
State Auto
Safeco
Travelers
Metlife
Bristol West

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