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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 reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.

Amazon Prime will now bring you a Hyundai, but you can't keep it

We already rely on Amazon Prime to bring us necessities like food, clothing, and five-pound Hershey bars, so why not entire cars? Hyundai is going to try that, although only to quickly bring you a car to test-drive. There's no one-click ordering for Elantras yet. The program, called "Prime Now. Drive Now", is an extension of the Prime Now fast delivery service that brings certain items to people in select areas in under two hours. It's available this weekend and next, only to people in Los Angeles and Orange County. Prime members can hop online and schedule a time between 9 am and 7 pm, Saturday or Sunday, and designate a preferred location for the test drive. After that, a "trained expert" will be sent with a 2017 Hyundai Elantra for the potential customer to try out for 45 to 60 minutes. If after that they want to purchase an Elantra, the expert can then direct them to a local Hyundai dealer to complete the transaction. This is an interesting approach to reaching consumers and could have benefits for them. People who are too busy to visit a dealer for a test drive can schedule a more convenient time and place to try the car. For people who get stressed out with the dealer experience and the pressure to purchase a car (which is, like, everyone) this could also be a more comfortable way to look at one. It's also a clever way for Hyundai to sort of circumvent its dealers while still letting them handle the final sale, a sort of indirect direct-sales solution. On the flip side, this program means consumers may only try the car that arrives at their door, and there's a decent chance that it will be a high trim with options and features that they might not want or be able to afford. It might still require some shopping around at the dealer to see what the different trim levels and options are like. Though only a limited trial for now, it will be interesting to see if Hyundai continues the program, and having more test-drive options can't hurt. Related Video: Featured Gallery 2017 Hyundai Elantra View 51 Photos Image Credit: Hyundai Hyundai Car Buying Sedan Amazon amazon prime