Hyundai to Get Tax Credit for 2t Won EV Plant in Korea (May 9)

Hyundai Motor will receive a tax credit for its planned investment in an electric car plant in Ulsan, South Korea, finance ministry said in an emailed statement on Tuesday.

• Ministry said large companies’ investment in EV production facilities will be eligible for up to 25% tax breaks under a revised law after National Assembly in March approved the expansion of tax benefits for national strategic technologies including chip
• Hyundai Motor plans to spend 2t won on building EV-dedicated plant in Ulsan; to begin construction in 4Q
• Under the revised law, hydrogen and fuel cell-related production facilities will also receive the ...