The South Korean government stated on April 1 that the guidelines for the rules and regulations of the Inflation Reduction Act (IRA) announced by the U.S. Ministry of the Treasury on March 31 on electric vehicle tax credits largely reflect the opinions of the South Korean government and industry. South Korea’s Ministry of Industry, Trade and Resources (Ministry of Industry) issued a press release on the same day, stating that the domestic power battery and material industries welcome the relevant guidelines issued by the United States this time, believing that this will largely eliminate uncertainty for Korean companies, and that South Korea and the United States will The battery supply chain cooperation is expected to be further strengthened.