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Biden says U.S. is willing to continue talks with South Korea on EV subsidy

SEOUL — President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon's office said on Wednesday. Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the U.S. president last month for help to allay Seoul's concerns that the new U.S. rules would hurt South Korea's automakers. "We assess that President Biden reaffirmed his understanding of our concerns through a personally signed letter .... it shows Biden's willingness to be considerate towards South Korean companies in the future," the official said. The Inflation Reduction Act, signed by Biden in August, requires EVs assembled in North America to qualify for tax credits in the United States, but excluded Hyundai Motor Co and its affiliate Kia Corp from EV subsidies, as they do not yet make the vehicles there. As a result, only about 20 EVs qualify for subsidies under the new rules. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Green Genesis Hyundai Kia EV tax credit

Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.

The Hyundai Solus is a 500-hp Genesis Coupe for SEMA

Hyundai is working on a SEMA Show car again with its old pals at ARK Performance. This time the project is a wide-body Genesis Coupe dubbed the Solus, a performance concept theoretically aimed at the BMW M4 and Lexus RC F. The white paint is subtle for SEMA, but ARK Performance built new parts for practically the entire body. The bumper gets larger intakes and a carbon-fiber splitter, the fenders are widened at both ends, and a new hood fits the revised look well. Side skirts bring the styling treatment along the profile to highlight the more aggressive rear. The styling should mesh nicely with the 700-horsepower Tucson that's also coming to the event. ARK Performance didn't neglect the engine, stroking the V6 from 3.8 up to a full 4.0 liters and then adding a Rotrex supercharger. The result is a claimed 500 hp running to the rear through a six-speed manual. The company also installs its own coilover kit to help handling. This isn't the first Genesis Coupe Ark has tuned. The company has produced multiple tuned versions of the model for SEMA going back to 2010. Last year, it switched gears slightly with a 550-hp supercharged Genesis sedan called the AR550. Seventh Consecutive SEMA Vehicle Blends Premium and Performance Sponsorship Provided by Hyundai Car Care Express and Quaker State FOUNTAIN VALLEY, Calif., Sept. 30, 2015 – Leveraging its long-standing relationship with Hyundai Motor America, ARK Performance has released details on its race-inspired Solus Genesis Coupe, blending performance and luxury to take on vehicles like the BMW M4 and Lexus RC F. The vehicle will be revealed at Hyundai's SEMA press conference on November 3 at 11:30 a.m. PT. For the tuner's seventh consecutive vehicle built for SEMA, ARK added performance and luxury in tandem, creating a premium coupe that can go toe-to-toe with top rivals from around the world. Building on the success of last year's AR550 Genesis Sedan, the vehicle's design focuses on creating a wider visual look to give a more powerful stance using ARK's own "Solus" wide body kit. The interior also has been given a complete makeover with a redesigned dashboard, race-bred steering wheel and gauges, with ample carbon fiber. The Solus Genesis Coupe is sponsored by Quaker State and Hyundai Assurance Car Care Express, with more than 300 service centers nationally. Car Care Express provides customers with quick oil changes, tire rotation and other basic services in less than an hour.