2023 Hyundai Tucson Sel Awd on 2040-cars

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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.

Recharge Wrap-up: Hydrogen Hyundais and Tesla tax breaks

The 70 Hyundai Tucson Fuel Cells owned by customers in southern California have driven a cumulative 475,000 miles. "Over the past year, Hyundai's Tucson Fuel Cell owners are showing the world today that this technology represents the next generation of zero-emissions transportation," says Hyundai's Mike O'Brien. "Building momentum for fuel cell vehicles and their real-world applications, these customers are sharing their experiences of how the Tucson fits seamlessly into their daily lives." A new video from Hyundai shares the story of a year of ownership for one such customer. Dave Uselton took delivery of his Hyundai Tucson Fuel Cell in June of 2014. Other drivers' experiences have been shared in video on a dedicated website. See the video above, and read more in the press release below. The first of 200 fast charging stations as part of France's Corri-Door project are now operational. The Corri-Door project aims to have all 200 charging points installed by December 2015. The universal chargers can quick charge an electric vehicle to 80 percent in just 30 minutes. The first two are now online at the Bosgouet Nord (A13) and Tardenois Nord (A4) service stations. The chargers will be installed along major motorways throughout France at intervals of about 50 miles. Read more in the press release from Renault. California may give Tesla $15 million in tax cuts in exchange for jobs. After losing out on having the state be home to the Gigafactory, Governor Jerry Brown's GO-Biz agency is proposing the tax cuts in order for Tesla to buy equipment and property and create 4,400 jobs in California. In all, GO-Biz is proposing $49.5 million in tax relief to California companies in return for 11,000 new jobs. Last year, California lost out on the Gigafactory when Nevada offered $1.3 billion in tax breaks — an amount Governor Brown said would be unfair to taxpayers. Read more from CBS Sacramento.

Hyundai, BMW and Ford win Concept Vehicle of the Year awards

More than two dozen jurors started with a pool of 23 concept cars introduced at the most recent Los Angeles, Detroit, Chicago, Toronto and New York auto shows, then pared it down to three winners in three categories for the twelfth annual North American Concept Vehicle of the Year Awards. The trophy-bearers are said to be those "vehicles most likely to shape the future of the automobile industry," and lead their classes in the Concept Car, Concept Truck and Production Preview divisions.
Hyundai had two cars as finalists for the Concept Car category, the competition boiled down to the Hyundai HCD-14 Genesis concept, Veloster C3 Roll Top, Honda EV-STER and the Toyota Corolla Furia. It won with the HCD-14 Genesis that was introduced at the Detroit Auto Show, a sharp sedan that sharply divided opinion between those who thought it was too much, those who thought it was too much Audi A7, and those who thought it was perfect. The award panel's judges, however, thought so much of it that it's got two awards in one sitting, not only taking concept car honors, but because it earned the highest overall score in the competition it also takes the crown for Most Significant Concept Vehicle of 2013.
The final selection in the Concept Truck category was down to the Ford Atlas, Kia Cross GT, Nissan Resonance and Volkswagen Cross Blue. The Ford Atlas took the silverware, after also winning the Eyes on Design award - shared with the Nissan Resonance - at the Detroit Auto Show where it was introduced.