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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 predicts 250-mile electric vehicle by 2020

Hyundai will start selling a battery-electric version of its Ioniq in the US later this year, but the company is ready for much more. Hyundai is forecasting having an EV with a 250-mile single-charge range by the end of the decade. Hyundai executive Ahn Byung-ki told Automotive News that, while electric-vehicle technology development has been steady during the past six years, it will accelerate during the next two. Think of it as the "hockey stick" effect, but for South Korean automakers instead of Silicon Valley tech giants or Canadian hockey players. The Ioniq, which will also get plug-in and hybrid variants, will have a single-charge range of 110 miles when the EV version arrives in November. After that, Hyundai and its Kia and Genesis sister companies may develop a 200-mile range EV for 2018, and then that 250-mile-range car for 2020. Byung-ki isn't concerned that the Ioniq will quickly be outdated because the longer-range vehicles will also be priced higher. The Hyundai executive also said the company had no plans to take on Tesla Motors in the luxury EV market. The Ioniq EV was unveiled at the New York Auto Show this past March. A hybrid version of that sedan debuted in South Korea in January, while the EV went on sale in South Korea last month. Overall, Hyundai, Kia, and Genesis are planning to introduce 10 hybrids, eight EVs, eight plug-in hybrids, and two hydrogen fuel-cell vehicles by the end of the decade. The Hyundai group's only electric vehicle currently sold in the US is the Kia Soul EV, which has a single-charge range of 93 miles as well as some dancing hamsters in its commercials. Neither the Tesla Model 3 nor the Chevrolet Bolt can make that second claim. Related Video:

2019 Kia Forte renderings reveal a sedan with Stinger style

Kia has revealed renderings of a redesigned, sleeker third-generation Forte compact sedan that it will display at the Detroit Auto Show next week. And with the attention the Stinger sport fastback has been receiving, it's not surprising that the Forte would take its cue off that swept-back look as well. The 2019 Forte makes a radical departure from the previous generation's former, more conventional compact-sedan look, keeping a version of Kia's tiger-nose grille, and gaining a number of design cues in the sheetmetal, lower valance and headlights that Kia calls "muscular" and "dynamic." Galleries for the Stinger and previous Forte design are below for comparison. The Stinger resemblance is extended to the interior, with has an open, horizontal look. Kia doesn't say if the car will come as a hatchback — or with this body style, a liftback, again like the Stinger. Based on the second rendering above, it would appear not. But that doesn't rule out the possibility of a liftback version. And that right there is about all we know. We'll find out more next week in Detroit at the North American International Auto Show. Kia has been on a real roll of late. The 2018 Forte and Soul, along with the Forte's cousin the Hyundai Elantra, were among the six Korean cars that dominated the Insurance Institute for Highway Safety's exclusive list of 15 cars that earned the Top Safety Pick+ designation. The Forte runs neck-and-neck with the Soul as Kia's sales leader in the U.S., closing out 2017 with nearly 118,000 Fortes delivered. Kia has always gone after a younger buyer, and now it looks to be gunning for a more sophisticated buyer, too. View 11 Photos View 19 Photos Related Video: