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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 predicts 250-mile electric vehicle by 2020

Hyundai will start selling a battery-electric version of its Ioniq in the US later this year, but the company is ready for much more. Hyundai is forecasting having an EV with a 250-mile single-charge range by the end of the decade. Hyundai executive Ahn Byung-ki told Automotive News that, while electric-vehicle technology development has been steady during the past six years, it will accelerate during the next two. Think of it as the "hockey stick" effect, but for South Korean automakers instead of Silicon Valley tech giants or Canadian hockey players. The Ioniq, which will also get plug-in and hybrid variants, will have a single-charge range of 110 miles when the EV version arrives in November. After that, Hyundai and its Kia and Genesis sister companies may develop a 200-mile range EV for 2018, and then that 250-mile-range car for 2020. Byung-ki isn't concerned that the Ioniq will quickly be outdated because the longer-range vehicles will also be priced higher. The Hyundai executive also said the company had no plans to take on Tesla Motors in the luxury EV market. The Ioniq EV was unveiled at the New York Auto Show this past March. A hybrid version of that sedan debuted in South Korea in January, while the EV went on sale in South Korea last month. Overall, Hyundai, Kia, and Genesis are planning to introduce 10 hybrids, eight EVs, eight plug-in hybrids, and two hydrogen fuel-cell vehicles by the end of the decade. The Hyundai group's only electric vehicle currently sold in the US is the Kia Soul EV, which has a single-charge range of 93 miles as well as some dancing hamsters in its commercials. Neither the Tesla Model 3 nor the Chevrolet Bolt can make that second claim. Related Video:

First hydrogen Hyundai Tucson Fuel Cell CUVs arrive in California

These crossovers are not available in showroom quite yet, but the first batch of Hyundai Tucson Fuel Cell vehicles has made it to California. Hyundai is promising retail availability, "within the next several weeks," which means early June or so for the $499/month CUVs. We previously heard in January that these hydrogen-powered Tucsons were supposed to be in US customers' hands by the end of March, so things are running behind schedule. Still, the delivery at a port near Los Angeles marks the "first delivery of a mass-produced fuel cell vehicle for the US market," Hyundai says, which could be a big deal when we look back at the evolution of hydrogen-powered vehicles in the US (though we're guessing at least one other manufacturer might object to the Korean automaker's claim). Mike O'Brien, vice president, corporate and product planning for Hyundai Motor America, is certainly upbeat, saying in a statement that Hyundai is "proud of our leadership role in this important segment of the alternative fuel vehicle market." So far, that's a segment that the company has almost all to itself. There are a very small number of hydrogen vehicles around today, including the Honda FCX Clarity and a few test vehicles from other automakers, but the numbers are set to grow next year when Toyota and Honda introduce new hydrogen sedans. For now, though, Hyundai can make a splash simply by bringing these vehicles to our shores. Hyundai's First Mass-Produced Tucson Fuel Cell CUVs Arrive In Southern California Tucson Fuel Cell, the Next-Generation Electric Vehicle, Arrives at Port Hueneme With Retail Availability Soon PORT HUENEME, Calif., May 20, 2014 /PRNewswire/ -- Today, at a port near Los Angeles, Hyundai's Tucson Fuel Cell CUVs began rolling onto U.S. soil, marking the first delivery of a mass-produced fuel cell vehicle for the U.S. market. The first retail sale of the Tucson Fuel Cell is expected within the next several weeks in Southern California. Under the Hyundai leasing program, approved lessees can drive Hyundai's next-generation Tucson Fuel Cell for just $499 per month, including unlimited free hydrogen refueling and "At Your Service" valet maintenance at no extra cost. For the first time, retail consumers can now put a mass-produced, federally-certified hydrogen fuel cell vehicle in their driveways, with availability at three select southern California Hyundai dealers: Tustin Hyundai, Win Hyundai in Carson, and Hardin Hyundai in Anaheim.