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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 Veloster N reveals menacing grille, big wing

Once again, the Hyundai Veloster N has been spotted at the 'Ring. This time, though, the car was sporting considerably less camouflage, giving us our best look yet at the first N car for the United States. The first thing most people will notice is that the top-spec Veloster will feature a massive black grille, just as the outgoing Veloster Turbo had. It does differ from the old one in that the far corners have been brought up higher and squared off to bring it inline with the new "cascade" corporate grille. The greenhouse is more visible now, too. And like the grille, it has been squared off a bit at the rear corners. It appears there's more glass, either due to the roof being raised slightly, or the window sills being dropped. The back of the Veloster N may reveal the most, though. This car gives us our first uninhibited glimpse at the rear wing, and it's a big 'un that closely hugs the bodywork on each end. The triangular shape in the middle suggests it will have a brake light similar to the i30 N. We can also finally see the taillights better. They're more horizontal than the previous car's, and they're also mounted flush to the window seam. Looking closely, we can see that they extend forward, still hugging the rear window, and the edge leads into a arching line created by the side windows. The rear glass is interesting, too, because there's just a single rear pane, rather than the old model's split glass similar to the Honda CR-X, Toyota Prius, and Hyundai Ioniq. The rear bumper also features an aggressive diffuser design in the bottom, and, as with the i30 N, there is a red accent line. We'll probably see another red line at the front. The exhaust has two outlets on each end as well, which is further indication that this is the N model and not a standard Veloster or Veloster Turbo. Since we won't be getting the i30 N in the U.S., we wouldn't be surprised if the Veloster N carried the same turbocharged four-cylinder as that car, which produces 271 horsepower and 260 pound-feet of torque. After all, if the i30 N isn't sold here, there's no reason not to hamstring the Veloster to keep it from cannibalizing sales. Continuing on that line of thinking, it will likely use the same front-wheel-drive system with limited-slip differential and six-speed manual transmission. We also expect to see a full reveal of the Veloster line later this year.

Bisimoto Hyundai Genesis Coupe is a 1,000-horsepower tuner dream

The big guns are starting to roll out at the 2013 SEMA Show in Las Vegas. This is the Bisimoto Hyundai Genesis Coupe, the promised 1,000-horsepower monster that was first shown at the end of September. We ventured across the SEMA floor to get an up-close look at this hugely powerful two-door.
The list of aftermarket parts fitted to this Genesis Coupe is extensive, ranging from that huge intercooler up front to a pair of Bisimoto/Turbonetics turbochargers to an AEM engine management system, all of which allow the 3.8-liter V6 to produce upwards of 1,000 hp. A full roll cage and Buddy Club seats and harnesses are fitted to the cabin, while a coil-over suspension blesses this Genny with some extra agility. We don't know what size Toyo R888 R-Compound tires those are, but as they're fitted to 20x11-inch wheels in back and 20x9.5-inch wheels in front, we're betting they're huge. We've got a full list of aftermarket goodies in the press release below.
We also have a full gallery of live images of the Bisimoto Genesis on the SEMA Show floor up top, so be sure to hop in and take a look at just what kind of potential can be found in this two-door Korean sports coupe.