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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.

2013 Hyundai Veloster Turbo: May 2013

Although I went on the Portland launch of the regular-strength Veloster back in late 2011, my time in the Turbo model was previously limited to one very brief commuting experience, so I was glad to get some time in our long-term matte gray model this month. In a way, I lucked out, grabbing the key fob to our Hyundai just as the weather in mid-Michigan finally acknowledged spring's existence. The temperature change afforded us the chance to swap out the all-season Kumho Solus KH25 rubber that it arrived with in January for its optional ($1,200) Michelin Pilot Super Sport tires (215/40ZR18), an almost absurdly major-league, high-dollar set of shoes for what is actually only a hottish hatch.
You might have expected the Veloster Turbo to slide under the radar in such high-performance and shouty company, but the truth is it was a little magnet for attention.
With the new footwear freshly installed, I made a beeline for South Bend, Indiana for the start of this year's One Lap of America, an event I've been staffing for well over a decade. I rolled into the Tire Rack headquarters' expansive parking lot, parking the VT alongside the competitors, whose vehicles appeared "cunningly disguised as racecars," covered with all manner of sponsorship stickers and graphics. You might have expected the Veloster Turbo to slide under the radar in such high-performance and shouty company, but the truth is it was a little magnet for attention.

No N performance models for Genesis, but Hyundai might get a Tucson N

Although Hyundai still hasn't fully revealed its first N product, the i30 N that we will see with an Elantra badge, the company is apparently hard at work at various N-branded follow-ups. The head of the N performance division, Albert Biermann, spoke with Australia's Drive, and revealed some unexpected details about the future of the division. Among the surprises was the revelation that there are no plans for Genesis N models. This is a bit of a shock considering that just last year, Biermann told us that there was a five-year plan in place for N products, and that Genesis vehicles were part of that plan. Among the vehicles that are coming, Biermann said the division is developing a B-segment vehicle and an SUV. The B-segment car is likely the European i20 hatchback. Hyundai uses the i20 for World Rally Championship, so it would only make sense to capitalize on that association. As for the SUV, Drive believes it is the Tucson, since Biermann mentioned the little crossover quite a bit when speaking to the publication. The Tucson would also be the most logical candidate for an N variant, since it's currently the smallest crossover in the Hyundai line-up. As such, it should be the easiest to make sporty, since it's inherently lighter and more maneuverable than other crossovers in the lineup. Biermann also seemingly revealed that the next N-badged car after the i30 N hatchback will be a "fastback" version of the same car, which Drive describes as a coupe. We don't expect this to be a traditional compact coupe, though. Last year, AutoEvolution reported that Hyundai would release a coupe-like five-door version of the i30 in the vein of the Audi A7 and A5 Sportbacks. This also seems more likely than a traditional coupe since Hyundai ceded the segment to the Civic with the death of the previous Elantra coupe in 2015, and its Kia Forte Koup cousin this year. Related Video: