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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-Kia fuel-economy errors trigger $300M in federal penalties [w/video]

This amount includes $100-million in civil penalties, the largest such fines in EPA history.
Hyundai and Kia are getting more than a slap on the wrist for overstating the fuel economy of an estimated 1.2-million vehicles in their 2011-2013 model ranges. The Environmental Protection Agency, the Department of Justice and the California Air Resources Board are hitting the automakers with collective penalties valued at around $300 million for Clean Air Act violations. This amount includes $100-million in civil penalties, the largest such fines in EPA history. Specifically, Hyundai is paying a $56.8 million penalty and relinquishing 2.7-million greenhouse gas emissions credits. Kia is paying $43.2 million in penalties and giving up 2.05-million credits.

Next-gen 2021 Kia Sorento shown inside and out in leaked pics

We’ve seen spy shots of the next-generation Kia Sorento in both heavily camouflaged form and running laps around the Nurburgring (!), where it was wearing a more form-fitting wrap. Today, Instagram user CocheSpias leaked photos of the redesigned midsize SUV with the cover partially pulled back, giving us our best look yet inside and out. Kia has given the front fascia a thorough and stylish overhaul. It looks much more muscular and chiseled, with a crisp, curved line defining the hood and grille and a much more squared-off shape to the lower bumper. The clustered trio of LED headlights are more integrated with the grille by removing the chrome strip that formerly separated them. The exposed taillights that featured on the mule spotted on the ‘Ring have been resolved as double vertical hash marks. The lower bumper is still concealed. Inside, the seat stitching is similar to the pattern found on the larger and more upmarket Telluride, introduced last year. The cluster and center stack have been redesigned, with a larger touchscreen that is now separate from the heat vents. The shifter has been replaced by a dial shifter. Kia has reportedly confirmed that the new Sorento will be offered a plug-in hybrid variant. The Korean Car Blog, citing an unnamed source, reports the new Sorento will debut as early as mid-February in Korea, with hybrid and plug-in hybrid versions coming in May, though itÂ’s not clear whether all versions would come to the U.S. The current version of the three-row crossover comes in a choice of two engines: a 2.4-liter inline-four making 185 horsepower and 178 pound-feet of torque, or a 3.3-liter V6 offering 290 hp and 252 lb-ft of torque. We should get a more official rundown about what's in store soon. Related Video: