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Hyundai deferring car payments for furloughed federal workers

Since the US government shut down early this morning, more than 800,000 federal employees could be furloughed without pay until a deal is reached to start the government back up. To help affected employees cope with the temporary layoffs, Hyundai is expanding its Assurance program to defer all of their auto loan or lease payments until they're called back to work.
"We recognize the impact on family budgets that the furlough will drive," says John Krafcik, president and CEO of Hyundai Motor America. The automaker also says it will allow furloughed employees to buy new cars during October with help from a 90-day payment deferral.
We're sure Hyundai's act of goodwill relieves some of the stress that furloughed Hyundai owners and their families are experiencing. Check out the press release below.

Biden says U.S. is willing to continue talks with South Korea on EV subsidy

SEOUL — President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon's office said on Wednesday. Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the U.S. president last month for help to allay Seoul's concerns that the new U.S. rules would hurt South Korea's automakers. "We assess that President Biden reaffirmed his understanding of our concerns through a personally signed letter .... it shows Biden's willingness to be considerate towards South Korean companies in the future," the official said. The Inflation Reduction Act, signed by Biden in August, requires EVs assembled in North America to qualify for tax credits in the United States, but excluded Hyundai Motor Co and its affiliate Kia Corp from EV subsidies, as they do not yet make the vehicles there. As a result, only about 20 EVs qualify for subsidies under the new rules. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Green Genesis Hyundai Kia EV tax credit

Hyundai appoints William Lee as global head of Genesis

SEOUL — Hyundai on Tuesday named its former North American chief, William Lee, to oversee its premium Genesis brand following the departure of Manfred Fitzgerald to pursue new opportunities. Lee faces the challenge of rejuvenating Genesis sales in the U.S. market and making headway in Europe and China, both tough markets to crack for luxury car sales. "The company expects Mr. Lee, in his new capacity, to lead the brand's further global expansion by leveraging his overseas business operations expertise," Hyundai said in a statement. "North America is an imperative market for the Genesis brand," it added. The news follows the appointment this month of Mark Del Rosso, a former president of Audi America, to oversee Genesis operations in North America. Genesis U.S. sales halved to 10,312 last year, although sales have picked up this year. The United States is the biggest overseas market for Genesis, which generated 72% of its sales in South Korea last year. Before his stint at Hyundai Motor North America, Lee oversaw Hyundai's Brazil operations and the U.S. unit of advertising arm Innocean Worldwide. Hyundai said in a recent earnings conference call that it has set up Genesis sales operations for China and Europe. Hyundai Motor Group's heir apparent Euisun Chung introduced the Genesis brand in November 2015, bringing in Fitzgerald, a former Lamborghini executive, a few months later to help the automaker shed its value for money image. Hirings/Firings/Layoffs Genesis Hyundai Luxury