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S. Korea to raise concerns about EV credits, battery sourcing in U.S. visit

SEOUL — South Korean officials will meet U.S. counterparts this week to express "concerns" about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials. President Joe Biden signed into law this month a $430 billion bill, seen as the biggest climate package in U.S. history. The law requires that EVs be assembled in North America to qualify for tax credits, ending subsidies for several EV models, and that a percentage of critical minerals used in batteries come from the United States or an American free-trade partner. Automakers like Hyundai Motor face short-term competitive disadvantage to manufacturers of EVs that receive tax credits in the United States, while industry sources said Korean battery makers must make changes to mineral sourcing routes, which could affect cost adversely. South Korean officials are expected to tell counterparts from the U.S. Trade Representative's office and the U.S. Treasury that the new law may violate trade norms such as the U.S.-South Korea free trade agreement and the WTO agreement, the industry ministry said. Korean automakers will consider adjusting production plans to prioritize the construction of U.S. plants for example, the ministry said, while battery makers will seek to diversify where they source minerals from. Under new rules to kick in next year, at least 40% of the monetary value of the critical minerals in batteries will need to come from the United States or an American free-trade partner, with that proportion rising to 80% by 2027. Globally, the treatment of some 58% of lithium, 64% of cobalt and 70% of graphite goes through China, according to ministry data. FALLOUT The new rules are a major complication for battery makers LG Energy Solution (LGES), SK On and Samsung SDI, battery industry sources said. South Korea's LGES supplies Tesla and General Motors, while SK On and Samsung SDI supply Ford Motor and Volkswagen among others. The three battery makers together command more than a quarter of the global EV battery market, according to SNE Research. "It's become a huge headache ... Automaker clients said they didn't expect this new law would take effect this soon," said a South Korean battery industry source.

Hyundai releases series of KDM Genesis videos

We had plenty of nice things to say about the sleek, new Hyundai Genesis Sedan when we drove the Korean domestic market version late last month. And while we're still waiting to find out just when the new rear-driver will arrive in the US market, Hyundai's home-market operations have released a series of videos on the new sedan.
Now, unfortunately, all the videos are in Korean. While we haven't the foggiest idea of what they're actually saying, the eight videos in the series give a great look at the new Genesis Sedan in motion, as well as showing off some of the development process behind the newest member of the Hyundai family.
We've embedded all eight videos below for your viewing pleasure. Have a look below.

Electric Hyundai Kona crossover to have Bolt-beating 292-mile range

An all-electric Hyundai Kona will be revealed at the Geneva Motor Show next month, but we already know a few intriguing details about the electric version of the subcompact SUV we've had a brief chance to drive. According to Hyundai's press release, the Kona EV will be available with two powertrain choices, including "one of the most powerful electric engines on the market with a class-leading range of almost 470 kilometers." That would be 292 miles. That's using the WLTP standard, or Worldwide harmonized Light vehicles Test Procedures, which currently lists the Chevrolet Bolt as achieving 240 miles of range (versus 238 with the EPA). In other words, the electric Kona could be the new non-Tesla range king — the Model 3 Long-Range model is rated at an EPA-estimated 310 miles, and the Model S 100D is at 335. By comparison, the Hyundai Ioniq Electric is rated at only 124 miles. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. It is important to note, however, that this release was from Hyundai of Europe, so we cannot confirm that we'll be getting an electric Kona in the United States. Given those potential range figures and the popularity of SUVs, it would be surprising if we didn't. We'll know more when more details are announced Feb. 27 ahead of its Geneva unveil the following week. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Geneva Motor Show Hyundai Crossover SUV Electric Future Vehicles 2018 Geneva Motor Show hyundai kona