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Biden says U.S. is willing to continue talks with South Korea on EV subsidy

SEOUL — President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon's office said on Wednesday. Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the U.S. president last month for help to allay Seoul's concerns that the new U.S. rules would hurt South Korea's automakers. "We assess that President Biden reaffirmed his understanding of our concerns through a personally signed letter .... it shows Biden's willingness to be considerate towards South Korean companies in the future," the official said. The Inflation Reduction Act, signed by Biden in August, requires EVs assembled in North America to qualify for tax credits in the United States, but excluded Hyundai Motor Co and its affiliate Kia Corp from EV subsidies, as they do not yet make the vehicles there. As a result, only about 20 EVs qualify for subsidies under the new rules. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Green Genesis Hyundai Kia EV tax credit

2021 Kia Sorento officially revealed with crisp new duds

Following an unofficial reveal in spy shots, the 2021 Kia Sorento crossover has just been shown officially by the automaker. The company released images of its chiseled exterior and rugged but upscale interior. On the outside, the Sorento picks up many of the cues established by the upcoming Optima/K5, including the broad and angular grille. The front and rear fascias have loads of creases and geometric openings, while the rest of the body is a bit more subtle. The profile is less upright than that of the Telluride, but the chrome window trim has a little dorsal fin on the lower section like the bigger crossover, as well as some of Kia's overseas wagons. The overall profile looks like the Sorento will still have room for an optional third row of seats like the current one. These official photos give us our best look yet at the Sorento's interior. It builds on the low and wide dashboard design of the Telluride, but gives a more aggressive, angled look, particularly with the center stack and climate controls. The stack and vents look as though they were folded forward, which angles the controls up and out toward the occupants. The vents are shaped like trapezoids, and the door handles have a beveled square design. You can also make out a diamond grid pattern in the aluminum-look trim on the dashboard, along with accent lights in the doors that mirror them. The Sorento is available with a 10.25-inch infotainment display and a 12.3-inch instrument screen. There are still a number of details left to learn about the Sorento, such as its powertrain, features and pricing. We should get more of that when it makes its official debut at the Geneva Motor Show on March 3. The current Sorento is available with either a four-cylinder or V6 engine, and front- or all-wheel drive. The options for drive wheels will likely continue, though it's unclear what engine options will be available, since it's possible a V6, like the Telluride's 3.8-liter, could be used, or perhaps a turbocharged four-cylinder from the Optima/K5 and Sonata.

Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.