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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.

Why Kia doesn't need a premium brand

Hyundai's creation of the Genesis luxury brand means it and fellow Korean brand Kia have finally hit the mainstream in the U.S. – as far as products are concerned – after nearly three decades of trying. Which is about as long as it took Toyota and Nissan to roll out Lexus and Infiniti, respectively. It's history repeating itself. Genesis is supposed to be the way Hyundai's premium models get the respect they deserve, without carrying the baggage of a name associated with frugality. Hyundai has, in fact, built up a reputation over the last decade or so for cars that compete head-on with class leaders, rather than aim to be 90 percent as good for 75 percent of the price. And because Kia shares a number of components with Hyundai, its vehicles have also steadily become not only better mainstream vehicles, but have continued to aim higher than their price points. Does Kia need to follow now in its parent's steps with a prestige brand to market its most expensive models? I'm aware of the Kia K900, the company's deepest foray into luxury territory notably occupied by Lexus. Kia, however, has consistently been pushing this $60,000 full-size luxury sedan along with $0 down, low monthly payment lease deals. Turns out there really aren't many people looking for a full-size Kia luxury sedan. Or maybe they're just waiting to get it for $20,000 in a couple of years. Consider the K900 and Genesis when I convince you Kia already makes upscale cars to rival those with premium badges. They just don't happen to be its most expensive model. Shortly after Hyundai's announcement it would spin its luxury models off into the Genesis brand, I spent a few days with a 2016 Kia Sorento SXL. And I'm willing to call it a more convincing attempt to get people out of luxury cars than the K900. Driving the Sorento is not an emotional experience. You feel parental driving it, thinking you might've forgotten to pick your kids up until you remember you don't actually have kids. But after settling into the nicely stitched and perforated leather seats, you respect its comfort, quiet and amenities. The headliner is soft, the stitching on the dash top is convincingly real and everyone is impressed by the sharp graphics on the touchscreen and the slick powered shade that reveals an expansive glass roof. A Kia Sorento costing more than $46,000 sounds absurd until you wonder how much better an Acura MDX or Lexus RX350 is when those cost as much as $10,000 more.

Kia Soul EV priced at $33,700*, leases start at $249/month

Kia must have thought VW was aiming a little high when the German automaker priced its upcoming electric vehicle for the US market. Kia has just announced that the price for its new Soul EV will be $33,700 (before any tax incentives) when it comes to the US later this year. That's well above the base model Nissan Leaf, which starts at $28,980, but a few thousand dollars below the Volkswagen e-Golf, which starts at $35,445. The upper end Plus model starts at $35,700. The Soul EV will come in two trim levels, with the upper end Plus model starting at $35,700. The extra $2,000 will get you leather-trimmed heated and ventilated seats, fog lamps and power folding mirrors. As any EV driver in a cold climate will tell you, heated seats can do a lot for your body comfort when electrons count. Every Soul EV will have an onboard 6.6-kW charger, a nav system, a rear camera and Kia's UVO EV Services connection (with app) – as well as Kia's $800 destination charge. There are a few more details in the press release below. The Soul also has something that its competitors don't: an official range of 93 miles thanks to a 27-kWh lithium ion battery pack. The Leaf sits pretty at 84 miles while the e-Golf has not yet been officially rated. For those more interested in leasing than buying, the cost will be $249 per month with $1,999 down for the base model. Kia will announce more lease details closer to launch this fall. By the way, the Soul EV will be "initially available in certain California markets only with limited availability," so only some of you will have the option to get one from the start. Kia has said that the Soul EV will be available in other states –Oregon, New York, New Jersey and Maryland – as well, so expect announcements on that front at some point. 2015 KIA SOUL EV PRICING ANNOUNCED Starting MSRP of $33,700(1)(not including federal tax rebate of $7,500) with an expected introductory lease price(2) of $249 per month makes all-new Soul EV a compelling offer for eco-conscious buyers The 2015 Soul EV is Kia's first mass-market, all-electric, zero-emissions car and the centerpiece of the brand's Clean Mobility program Fully electrified variant retains Soul's funky design while delivering best-in-class(3) EPA-estimated driving range of 93 miles(4) IRVINE, Calif., September 11, 2014 – Kia Motors America (KMA) today announced pricing for the all-electric version of its hugely popular urban passenger vehicle, the Kia Soul.