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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.

2018 Hyundai Accent First Drive Review | Simply good at under $16 grand

We test a lot of fancy, complicated cars here at Autoblog. Most of the cars that come in are high-trim with as many options as possible. That's why it was rather refreshing when Hyundai sent us its new Accent in the most basic possible form, the Accent SE. It's the bottom of the Accent line starting at $15,880. There are no options available when building one out on Hyundai's website, and according to the window sticker, the only extra added to it was a set of carpeted floor mats. The only potential problem with such a basic car is that there's nothing to make up for a poor driving experience. Thankfully, that's not the case with the Accent. It's a strong value that offers a comfortable and even sometimes fun driving experience. It even provides just enough features to not feel like a total penalty box. Exterior, interior and features Being the SE trim level, our Accent was quite unadorned. It had steel wheels with plastic wheel covers, no fog lights, nothing extraneous. Despite that, it wasn't a bad-looking little thing, sporting slightly shrunken Elantra looks that aren't too far out of proportion. Appealing to this editor was the manual transmission, which is only available on this bare-bones trim. The interior feels about as basic and cheap as the exterior, and is easily one of the weakest points of the little car. The dash and door panels look as though they were molded as one unit from the same hard black plastic. There are only a couple of light gray trim pieces to keep it from looking too bleak, but it feels like a somewhat half-hearted attempt. The good news is that Hyundai doesn't completely penalize you for picking the base trim level. You still get the necessities such as cruise control, power windows and locks, air conditioning, USB and Bluetooth connectivity, six-way adjustable seats, and even hill start assist and rear-view camera. In the Accent's cousin, the Kia Rio, you miss out on the cruise control and power windows and locks. But in the Rio's favor is a far more stylish design that shows cheap materials don't have to be drab and dull. All the Accent's controls feel good and are intuitive, though, which is something fancier cars can't often say. Engine, transmission, ride and handling Where the Accent falls short in visual impressions, it makes up for them on the drive. Most impressive is the car's ride quality. We're at the peak of southeastern Michigan pothole season, and the Accent handled it with aplomb.

VW planning to push Hyundai for World Cup eyeballs

Adidas was an official sponsor of the 2010 World Cup in South Africa, but the German sportswear company got drowned out of early advertising buzz by Nike, which wasn't a World Cup sponsor. The American company's Write the Future ad put it at the top of Nielsen's study of online buzz, ahead of Adidas. The same thing happened to official World Cup sponsor Budweiser when it got drummed out of the top ten in Nielsen's buzz ratings, while Danish brewer Carlsberg - not a Cup sponsor - ranked sixth.
Volkswagen hopes to score the same goal on Hyundai during this year's World Cup in Brazil. Hyundai and Kia have been official sponsors of the global soccer federation FIFA since 2002 and are official sponsors of the World Cup through 2022. VW has "a major ad buy" planned to run on ABC, ESPN and Univision as well as digital and social media channels during the competition, which begins June 12, to promote the GTI. VW of America's VP of marketing said the Cup's attraction to young males and Hispanics makes it the perfect place to promote the hot hatch.
The sparring between Hyundai and VW has already begun. Volkswagen's Gol compact, named for the Portuguese word for a soccer goal, has been the best selling car in Brazil for 27 years, and the German company sponsors the national soccer team. When Hyundai Brazil began a promotional campaign promising to extend its five-year warranty for six if the Brazilians won a sixth world cup, Volkswagen of Brazil complained to the soccer federation, which asked Hyundai to pull the campaign. As of this writing, that hasn't happened, so we expect it'll be boots on, gloves off, on and off the pitch this summer.