First Mover among Korean Charger

SK signet will establish a charger manufacturing facility in Texas of the United States.
SK signet will establish a charger manufacturing facility in Texas of the United States.

SK signet, a manufacturer of electric vehicle chargers, announced on Oct. 12 that it will establish a charger manufacturing facility in Texas of the United States for the first time among Korean charger makers. The plan was drawn up based on the fact that the US government subsidizes locally manufactured chargers through the National Electric Vehicle Infrastructure (NEVI) Formula Program and the Inflation Reduction Act (IRA).

SK signet announced that it has decided to invest US$15 million (about 21.3 billion won) in the construction of a new electric vehicle plant in Texas in a board meeting on Oct. 12. It will invest US$15 million initially, and then ramp up the investment to 50 billion won in line with facility expansion.

SK signet plans to start equipment setting and production within this year and will mass-produce 10,000 chargers per year beginning from the second quarter of 2023.

The U.S. government has allocated approximately US$5 billion in subsidies to be paid through the NEVI Formula Program until 2030. The goal is to build 500,000 charging stations across the United States by installing rapid or ultra-quick charging stations on every 80 kilometers of highways. The IRA also provides a subsidy of up to US$100,000 as a tax benefit if an electric vehicle charging station is built.

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