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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.

Hyundai reveals more 2015 Genesis details

After we posted the renderings of the 2015 Hyundai Genesis last night, Hyundai issued a full press release revealing some of the details about its next-generation sedan. Set to make its debut at the Detroit Auto Show in a few months, the 2015 Genesis promises to bring a whole new level of styling and technology to the Korean automaker's portfolio.
Hyundai says that the design used on this car is part of its Fluidic Sculpture 2.0 language that we expect to slowly make its way across the entire lineup. Major styling changes include a taller, upright, single-frame grille (think Audi), larger headlights, sharper body lines and the swept-back, couple-like roofline. Except for spy shots, we still have no clue what the interior of the new Genesis will look like, but Hyundai says the sedan will be more intuitive for drivers to interact with. On the Genesis-foretelling HCD-14 Concept, this included a head-up display, as well as eye- and hand-gesture recognition.
For the drivetrain, Hyundai hasn't revealed much, except that the 2015 Genesis will get an all-new HTRAC all-wheel drive system. The sedan should also be better to drive, thanks to a more even weight balance, a stiffer chassis and Advanced Traction Cornering Control (ATCC) electronic suspension. Replacing the electro-hydraulic power steering system in the current model, the new Genesis will get a full-electric, rack-mounted power steering system. For more info on the upcoming 2015 Genesis sedan, check out the full press release posted below.