acf domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ecg/ecgassociationdev/wp-includes/functions.php on line 6121Reuters — 2022-08-22
Automotive Industry
A new US law excluding electric vehicles assembled outside North America from tax credits could persuade South Korea's Hyundai Motor Co to bring forward the start date for construction of an EV and battery plant in the United States to as early as this year, Yonhap news agency reported on Monday 22 August.
Hyundai Motor said in May 2022 that it would break ground on its new facility in Georgia in early 2023, with commercial production starting in the first half of 2025 with an annual capacity of 300,000 units.
But the company is now considering starting construction later this year in order to begin commercial production in the second half of 2024, Yonhap reported, citing an unidentified auto industry source.
Hyundai Motor was not immediately available for comment.
US President Joe Biden signed into law on 16 August a $430bn bill, which ends tax credits for about 70% of the 72 EV models that were previously eligible.
As a result, EVs sold by Hyundai Motor, Kia Corp, Toyota and others are no longer eligible for the tax credits.
South Korean Foreign Minister Park Jin expressed concerns over the new US legislation during a call with US Secretary of State Antony Blinken last week, according to a foreign ministry official.
South Korea will review whether to file a complaint at the World Trade Organization over the US Inflation Reduction Act, citing concern that the law could violate WTO rules and a bilateral free trade deal between South Korea and the United States, Industry Minister Lee Chang-yang told a parliamentary session.
The country's Trade Minister Ahn Duk-geun plans to discuss the matter with US officials next week during his trip to Washington, Lee said on Monday 22 August.