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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.

2016 Hyundai Sonata Hybrid and Plug-In First Drive

Hyundai is coming to the plug-in hybrid sedan party a bit late. No surprise there. Company execs are fully aware of that fact and were eager to say, "Hey, no big deal," at a media briefing on the new 2016 Sonata Hybrid and Plug-In Hybrid in California last week. The press materials for the new cars offered lots of comparison charts that "proved" (using numbers) that the Hyundais are all-around better than their midsize competition. While Hyundai is at the forefront of the hydrogen fuel cell game in the US with the Tucson Fuel Cell Vehicle, the Korean automaker has a lot of ground to make up when it comes to plug-in vehicles. Good thing, then, that the Sonata is a smooth operator and solid performer out on the road. If you're going to show up late, you better make a dramatic entrance. While I much prefer the distinctive shape of the sixth-generation Sonata, there's nothing inherently bad about the new style in the current models. The Hybrid and PHEV update the seventh-gen look of the 2015 Sonata with more aerodynamic front and rear ends, new rocker panels, distinctive headlights and taillights, and eco-spoke alloy wheels. All of these changes reduce drag, dropping the coefficient from 0.27 in the gas-only car to 0.24 for the hybrids. You know what other vehicle has a 0.24 cD? The Tesla Model S. We asked why the standard Sonata doesn't get this slippery update and were told that the improvements came along after the gas model's design had been locked in, but there is a chance some of these changes will find their way to the non-electric vehicle in a future facelift. After spending a day with the new Sonatas, I can say that Hyundai is most welcome at the plug-in vehicle party. The Honda Accord PHEV and Ford Fusion Energi don't get the attention or sales they deserve, and there are some who will say Hyundai got all dressed up for a shindig that's not really worth attending (ever-stricter fuel economy regulations beg to differ). But the more the merrier, in my opinion. And since the Sonata PHEV will indeed be available in all 50 states (with a big caveat) later this year, it won't be long until we see if Hyundai can inject some life into the scene. The main problem is that we don't yet really know how the PHEV compares in terms of MSRP, since Hyundai isn't releasing pricing until some point closer to launch. The automaker did say it expects the PHEV to qualify for a $4,919 tax credit from the federal government.

Hyundai plant one of 100 factories shutting down in wake of Beijing pollution scare

Many factories and chemical plants have suspended production in Beijing in an attempt to curb dangerous pollution, according to the South China Morning Post. The air pollution is some of the worst the city has seen in years, with harmful PM2.5 particle rates hovering between 200 and 400 micrograms per cubic meter. That number is down from as high as 886 on Sunday. For contrast, the US Environmental Protection Agency regulations say PM2.5 concentration at any location be no higher than 65 micrograms per cubic meter, with average maximums not to exceed 15 micrograms per cubic meter.
China blames the pollution on vehicle emissions, industrial production and an increase in domestic coal use to heat homes during cold weather. A total of 48 work sites, including construction zones, metal refineries and chemical plants have suspended production, and 41 factories have cut back production as well. That includes Hyundai Motor Beijing, which suspended production on Sunday.
Even so, the area's children's hospitals are receiving up to 10,000 patients per day with respiratory ailments. The city's government says it is in the midst of an eight-year plan to curb pollution and that levels have dropped between 30 and 70 percent over the past 14 years thanks to its actions.