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Hyundai Faces Dual Headwinds in U.S. as EV Tax Credit Ends and Battery Plant Delays Mount

Hyundai Faces Dual Headwinds in U.S. as EV Tax Credit Ends and Battery Plant Delays Mount

SEOUL, Sept. 15 (Korea Bizwire) — Hyundai Motor Group is grappling with twin challenges in the U.S. market: the imminent end of federal tax credits for electric vehicles and a delay in the completion of its joint battery plant with LG Energy Solution. The Biden administration’s Inflation Reduction Act incentives, which offered up to $7,500 in [...]

Ruling Party Urges Gov’t to Negotiate with U.S. on EV Tax Credit

Ruling Party Urges Gov’t to Negotiate with U.S. on EV Tax Credit

SEOUL, Aug. 20 (Korea Bizwire) — The ruling People Power Party (PPP) on Friday called on the government to launch negotiations with the United States to get South Korean-made electric vehicles eligible for tax benefits under the newly legislated Inflation Reduction Act. Rep. Kweon Seong-dong, PPP’s floor leader, said that Korea-made electric cars should enjoy [...]