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Hyundai Tucson Fuel Cell gets massive 43% price cut in South Korea

Hyundai is soldiering on with its fuel-cell-powered Tucson, ordering an enormous cut in the zero-emission CUV's price in the company's home market. The 43-percent reduction, when combined with subsidies from the South Korean government, brings the cost of entry to a still-lofty $54,000, Ward's reports. While that's undeniably a lot of money, we need to explain just how wildly expensive the Tucson FCV was in the first place. Hyundai trimmed a total of $67,000 from the $144,000 starting price. Even with some very significant – and not unusual – subsidies, the fuel-cell model still cost $86,000. Considering where things started from, $54K seems like a relative bargain. Beyond South Korea, Hyundai is expected to announce some sort of price cut in Europe, where the Tucson is marketed as the ix35 FCV, but it's unclear at this point if the Euro model's price tag will get such a dramatic reduction. We haven't heard of any changes to the cost of the lease-only North American-market Tucson FCV, which is currently available in California for $499 per month with $2,999 down. Related Video: Featured Gallery 2015 Hyundai Tucson Fuel Cell View 29 Photos News Source: Ward's Auto Green Hyundai Alternative Fuels Crossover Hydrogen Cars hyundai tucson fcv hyundai ix35

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 expanding Tucson fuel cell deliveries to NorCal soon

The Hyundai Tucson Fuel Cell hasn't exactly sold a bazillion copies, but that's all according to plan. Hyundai – like Toyota and Honda with their hydrogen vehicles – it keeping deliveries under control because there just aren't that many H2 refueling centers. Right now, all of these hydrogen vehicles are tooling around the LA area. At the Washington Auto Show this week, Hyundai announced that it would soon start deliveries in Northern California as well. There was no date set for the San Francisco-Bay Area hydrogen cars to arrive, but Hyundai's Mike O'Brien said that because, "We will sell them where there's fuel." Stations are supposed to begin opening in NorCal in the next few weeks. The next area that Hyundai suspects to launch the Tucson Fuel Cell is in the Northeast, which is the plan that other automakers have as well. The Tucson Fuel Cell leases for $499 a month, and includes free hydrogen fuel. There are currently around a dozen stations open in California. O'Brien said that 53 stations have been given fund guarantees by the state of California, but 23 have not yet broken ground. The biggest hurdle, he said, is regulatory – getting all of the different government agencies to work together to approve construction. Hyundai wants governments to get cracking on installing more hydrogen stations because it has plans to sell a second hydrogen vehicle at some point in the world by 2020. Up next on the green car front – we'll see it in Chicago early next month, in fact – is the Ioniq, which will be available with a pure EV, a PHEV and a standard hybrid. Whether the Ioniq will get a hydrogen fuel cell powertrain at some point has not been announced or even hinted at, but we would not be surprised if it does.