zzdcar
Home
/
Reviews
/
Tech
/
Biden Administration Promises to Review New EV Credit Impact on South Korea
Biden Administration Promises to Review New EV Credit Impact on South Korea-November 2024
2024-02-19 EST 22:10:25

Image for article titled Biden Administration Promises to Review New EV Credit Impact on South Korea

The new criteria for electric vehicle federal tax credits has hit certain automakers harder than others, and the ones that feel disproportionately inconvenienced are speaking out. South Korea National Security Adviser Kim Sung-han met with his U.S. counterpart Jake Sullivan in Hawaii on Wednesday amid .

Kim said early Thursday that the Biden administration has pledged to review the new law’s impact in the coming months, according to South Korea’s Yonhap News Agency by way of . From the report, in Kim’s words:

“[Sullivan] said the [Inflation Reduction Act] is likely to bring more pluses than minuses to Korea, but he would take a closer look at how the electric vehicle subsidy issue will develop going forward and what impact it will have,” Kim was quoted as telling reporters.

If that’s what Sullivan actually said, it’s not necessarily wrong. LG Energy Solution and SK Innovation are two of some of the most prominent EV battery suppliers in the world, and they’re both headquartered in South Korea.

Both have started operating or broken ground on American battery factories — not to mention the — which will satisfy the domestic origin component requirement as those terms of the Inflation Reduction Act . Hyundai, too, will one day manufacture models like the , and future EVs in Georgia — but construction isn’t slated to begin on that facility until next year.

That’s the issue. Eventually, South Korea’s automakers and suppliers will benefit from this. But right now, at this critical moment when Hyundai is making every effort to establish itself as producer of desirable EVs, right after those EVs have hit the market, the made-in-America requirement stings.

And so the South Korean government is very concerned, arguing that the Inflation Reduction Act’s stipulations are discriminatory and that it may violate bilateral fair-trade agreements with the United States. Vice Foreign Minister Lee Do-hoon requested that the Biden administration delay the enforcement of the criteria until Hyundai cuts the ribbon on that Georgia factory sometime in 2025. Seeing as how the new rules are already in effect, that seems unlikely. , a UBS analyst theorized last month.

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Tech
Volkswagen EVs Can Now Power Your House For Two Days (Update)
Volkswagen EVs Can Now Power Your House For Two Days (Update)
Experts have said that one of the ways to speed up EV adoption is for them to support . The ability for owners to power their house off their car or from the grid is vital. Just nine EVs on the market currently support bidirectional charging, but now VW...
Nov 8, 2025
GM Says It's Dropping Apple CarPlay And Android Auto Because They're Unsafe (Update)
GM Says It's Dropping Apple CarPlay And Android Auto Because They're Unsafe (Update)
GM is still dealing with the fallout of its decision to drop Apple CarPlay and Android Auto in favor of developing its own in-house system. In the last eight months, the company has had to deal with while still maintaining its in-house system will be “.” Since neither of...
Nov 8, 2025
Biden’s First EV Charging Station Goes Online After $7.5 Billion In American EV Investments
Biden’s First EV Charging Station Goes Online After $7.5 Billion In American EV Investments
Despite in investments for the development of in the , not a single charging station had gone live thanks to — until now. The first EV charger paid for by Biden’s Bipartisan deal has come online in Ohio, according to , which marks the operational start of what the...
Nov 8, 2025
Costco Will Sell The Chevy Blazer EV At A Discount To Go With Your Rotisserie Chicken
Costco Will Sell The Chevy Blazer EV At A Discount To Go With Your Rotisserie Chicken
knows that you keep coming back for the and Kirkland brand, but you can now also buy a cheaper at your local warehouse. Chevy notified its dealers that members are eligible for a $1,000 rebate on the through January 2, according to . The discount is part of ,...
Nov 8, 2025
Danish Investors Dump Tesla Shares After Elon Musk Calls Strikes In Sweden 'Insane'
Danish Investors Dump Tesla Shares After Elon Musk Calls Strikes In Sweden 'Insane'
Danish pension fund PensionDanmark is dumping all of its stock and putting the U.S. EV maker on its exclusion list of the companies it chooses to invest in – or not. The fund is selling all of its shares due to Elon Musk’s refusal to enter into labor agreements...
Nov 8, 2025
Truck Fans Would Rather Wait For A Toyota Tacoma EV Than Buy A F-150 Lightning Or Cybertruck
Truck Fans Would Rather Wait For A Toyota Tacoma EV Than Buy A F-150 Lightning Or Cybertruck
fans are already cooling on despite more options on the market and news of upcoming models from the likes of Chevy and Ram. The and have yet to be released, while the has recently joined the and for sale in the U.S. And, yet, all of these current and...
Nov 8, 2025
Copyright 2023-2025 - www.zzdcar.com All Rights Reserved