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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.

Autoblog Podcast #416

Episode #416 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Brandon Turkus talk about the 2016 Mazda MX-5 Miata, seeing the 2016 Nissan Maxima in the company's Super Bowl ad, and GMC's potential plans for a Jeep Wrangler fighter. Of course, the podcast starts with what's in the garage and finishes up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #416 Topics 2016 Mazda MX-5 Miata first drive 2016 Nissan Maxima previewed in Super Bowl ad GMC mulling Jeep Wrangler fighter In The Autoblog Garage 2015 Hyundai Genesis 5.0L V8 2015 Honda CR-V Long-Term 2015 Volkswagen GTI Hosts: Dan Roth, Steven Ewing, Brandon Turkus Runtime: 01:36:43 Rundown Intro and Garage - 00:00 Maxima – 30:48 Miata – 41:46 GMC/Wrangler – 59:14 Q&A - 01:11:13 Get The Podcast UStream – Listen live on Mondays at 10 PM Eastern at UStream iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show in iTunes Podcasts GMC Honda Hyundai Jeep Mazda Nissan Volkswagen vw gti nissan maxima

Hyundai promises brand new EV for US within three years

The big and official news from Hyundai at the Washington Auto Show this week was that a bunch of people went to the website for the Tucson Fuel Cell CUV. But as Michael O'Brien, the vice president of corporate and product planning for Hyundai Motor America, was announcing that bit of news, an off-hand mention of something more battery-powered caught our ear. Hyundai calls the hydrogen Tucson the "next-generation EV," but in the US, that H2 vehicle will actually beat an EV to the company's showrooms. There have been hints about a Hyundai EV in the US before – and the Korean company has shown off the BlueOn EV (pictured), based on the i10 – but O'Brien was willing to give a little bit more information on the still-nebulous EV plans. "It will be a new product, that's all we can say right now" The i10 electric vehicles have been in service since they were used at the G20 summit in Seoul, Korea in 2010 O'Brien said, but the EV that's coming to the US will be completely different. It will be a compact-class EV wearing the Hyundai badge (so, not the Soul EV from sister brand Kia) that could, based on demand, be sold in more locations than the Tucson Fuel Cell, which is going to be limited to places like California where there are hydrogen fueling stations. "It will be a new product, that's all we can say right now," O'Brien said. "It will be within the next three years. Not a firm production date, but soon." In general, Hyundai is still more confident in hydrogen as the preferred zero-emission solution, and O'Brien cited range anxiety as the number one obstacle to EV adoption, with the slow recharge rate in second place. Still, strict emissions regulations mean that automakers will need to look at many options, and Hyundai is more ready than ever to dip its toes in the plug-in side of the pool. Featured Gallery Hyundai Blueon unveiled in South Korea News Source: Hyundai Green Misc. Auto Shows Hyundai AutoblogGreen Exclusive Electric dc auto show washington auto show hyundai ev i10