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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: Dad

Even though we know Hyundai is launching Genesis as its own brand, Kevin Hart is here to tell you something very important about the current Hyundai Genesis: it's great for helicopter parents wanting to keep an eye on unchaperoned sons and daughters. There are other perfectly good uses for Hyundai's Blue Link smartwatch app, but we think concerned parents will pay close attention to this feature. Watch the ad and see if Kevin Hart delivers the laughs. Marketing/Advertising Hyundai Super Bowl Commercials 2016 super bowl ad

Hyundai i30 Fastback N revealed, but still not for the U.S.

Hyundai just revealed a car that we won't get stateside, the i30 Fastback N. This four-door fastback gets the same N treatment as the i30 N hatchback, another fast Hyundai that isn't sold here. We all love a good hatchback, but the Fastback variant looks a bit more handsome and mature comparatively. It's hard not to like the lines, especially after hearing the loud, crackling exhaust that pops aggressively on the overrun. Just like the i30 N hatchback in Europe and the Veloster N we're getting here, the Fastback gets the 2.0-liter turbocharged four-cylinder with two power outputs available. The base N makes 246 horsepower and 260 pound-feet of torque, but the Performance package nets you 271 horsepower. It also has a temporary overboost feature that unleashes 279 pound-feet of torque for a limited period. It's almost the exact same power as the Veloster N, but that car is rated at 250 and 275 horsepower in its two trim levels. The Fastback N is said to get to 62 mph in 6.4 and 6.1 seconds respectively. A six-speed manual will remain as the only transmission offering for the time being. Hyundai hasn't officially mentioned it yet, but a video it released essentially confirms the presence of its electronic limited-slip differential for this car. We expect it to be offered as part of the Performance package like it is in the other N variants. The Fastback N is set to make its world debut at the 2018 Paris Motor Show, but Hyundai made an entertaining video of its World Rally Championship drivers racing about Denmark and released some preliminary info today. If you haven't heard the exhaust for any of Hyundai's N cars, then here's your chance; it's pretty awesome. View 26 Photos Featured video: Image Credit: Hyundai Paris Motor Show Hyundai Performance Sedan hyundai veloster n hyundai i30 n