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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.

2016 Hyundai Elantra spied uncovered

The next-generation Hyundai Elantra has been speculated on and teased throughout this year. In March we got a leaked photo of a South Korean-market Elantra, the question being if this is was actually the new car and if we'd get in the US. Then we got officially sanctioned sketches of the exterior and the interior. Now Korean site Auto Tribune has leaked photos of the next Korean-market Avante, which is our Elantra, and they actually line up with the automaker sketches. According to Google Translate, the pictures were taken at a Hyundai factory in South Korea by a contractor. If this is the real deal, Fluidic Sculpture has given way to a grille that might want to at least send a "Thank You" note to Audi. Flanking that are smoother lines and a more subtle treatment of the front end, with sleek, pulled-back headlights decorated with a lengthy LED signature above boomerang inlets in the bumper. The sides have been flattened out, losing some of dimensionality of the current car to go more mature. The rear end looks similar to the current sedan, but wider, with long taillights featuring three LED elements. Inside, a three-spoke steering wheel veers toward the plain, and the current continuous waterfall center console gives way to a two-section instrument panel that has an eight-inch infotainment screen at the top, above HVAC controls. At the base there's an open cubby that doesn't look to have a cover, and the gear selector lever incline appears reduced. The overall impression is less engaging to the eye than now. Auto Tribune says a 1.6 liter GDI is under hood, which puts out 175 horsepower and 196 pound-feet of torque in the 2016 Tucson. We'll see the real car at the LA Auto Show later this year. Click through to Auto Tribune for more photos.