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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.

This is the Prius-fighting Hyundai Ioniq fully uncovered

Hyundai has thus far released a few teaser sketches to give us an idea of what its new Ioniq will look like, but this is our best look yet at the finished product. Spied completely undisguised during a video shoot, the forthcoming Ioniq looks pretty much exactly as you'd expect a dedicated electrified vehicle from Hyundai to look like. The Ioniq represents Korea's take on the four-door hybrid, ready to do battle with the likes of the Toyota Prius and Chevy Volt. Hyundai will offer three powertrain options, including a hybrid, plug-in hybrid, and full EV. The internal-combustion engine is expected to be a 1.6-liter inline-four, slotting in between the gasoline engines on the Volt (1.5 liters) and Prius (1.8 liters). It will be paired to an electric motor, and only Hyundai will let customers eliminate the ICE from the equation altogether – much like BMW does with the i3 – to more closely rival the Nissan Leaf instead. The front end looks distinctly Hyundai, while the tall tail closely follows the aerodynamic lead set by its rivals. And from what we can see so far, it looks like rearward visibility will be somewhat constricted by a high rear deck and small rear window. Earlier spy shots showed camouflaged prototypes with interiors that looked fairly similar to those on the Elantra and Sonata. Hyundai's most recent teaser renderings, however, showed promise for something more distinctive. One way or another, we'll find out soon enough, as the Ioniq is slated for unveiling in South Korea next month ahead of its motor show debuts in Geneva and New York in March and sales debuts later this year. Related Video: Featured Gallery 2017 Hyundai Ioniq: Undisguised Spy Shots Image Credit: Brian Williams / SpiedBilde Green Spy Photos Hyundai Electric Hybrid Sedan hyundai ioniq

Hyundai dumps Genesis Coupe for upscale model

Hyundai has confirmed that it is killing off the Genesis Coupe after the 2016 model year. A replacement for the coupe is expected to come after 2017, but it will fit into the automaker's luxury sub-brand, Genesis. "In regards to the Genesis Coupe, 2016 will in fact be the last model year for this popular, rear-drive sporty coupe," Christine Henley, Product PR Manager for Hyundai, told Autoblog. The vehicle is being replaced by something that fits better into the new Genesis brand's lineup. "A new, more sophisticated and luxurious coupe appropriate for the new Genesis brand is currently under development." Previous rumors surmised that the coupe will get a 3.3-liter turbocharged engine, an eight-speed automatic transmission, and all-wheel-drive. Inspiration for the upcoming coupe could come from the Hyundai HND-9 Sports Coupe Concept that was revealed a few years ago. Currently, Genesis offers the 2017 G80 midsize sedan and flagship G90 sedan. A luxurious, sporty coupe would fit perfectly in between these two vehicles to compete with more established luxury coupe players, as well as newer competitors like the Lexus RC and upcoming Infiniti Q60. Related Video: News Source: The Globe and Mail via The Truth About CarsImage Credit: Hyundai Genesis Hyundai Coupe Performance