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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.

Porsche, Hyundai and GM impress in J.D. Power Initial Quality Study, Fiat and Jeep don't

Consumers continue to struggle with the advanced user interfaces and technologies being fitted to new cars, according to the latest J.D. Power Initial Quality Study. Overall, the industry average for problems per 100 vehicles climbed three percent, to 116 issues reported in the first 90 days of ownership.
Vehicles from the General Motors' family were dominant, with Buick, Chevrolet and GMC capturing more individual IQS segment awards than any other manufacturer. Despite its well-publicized issues, six GM vehicles (Buick Encore, Chevrolet Malibu, Chevy Silverado HD, Chevy Suburban, GMC Terrain and GMC Yukon) were given IQS awards for their respective segments.
Hyundai was ranked the best overall mass-market brand, with just 94 issues in every 100 vehicles reported in the first 90 days. Parent Hyundai Motor Company, meanwhile, trailed GM with five vehicles winning their segments, including the Hyundai Accent, Elantra and Genesis, as well as the Kia Cadenza and Sportage.

Hyundai HCD-15 Santa Cruz might be the compact pickup we've been waiting for

The recent pickup truck renaissance and the dominance of the crossover has not been a great thing for car-heavy brands like Hyundai. That doesn't mean the Korean manufacturer is sitting on its hands, though, as it's taken the 2015 Detroit Auto Show to introduce the Hyundai HCD-15 Concept, also known as the Santa Cruz. The handsome trucklet heralds an eventual production model, and while the overall styling is likely to be softened by the time a sellable model arrives, there are a number of features present on this design-only concept that give us hints about the future Santa Cruz. Rear-hinged half-doors grant access to the back seats, while the cabin itself can seat five people without much shoehorning. The cargo area, while quite compact at first glance, can easily be expanded to space Hyundai describes as "similar to a mid-size pickup." Aesthetically, we're fans of the Santa Cruz's styling, which is more brutish than "fluidic sculpture 2.," without appearing brash. The hexagonal grille, upright front fascia, and fast C-pillar are all very nice touches, although the rear tailgate does appear somewhat awkward. The Santa Cruz's theoretical powertrain (it never moved while on stage, and it lacked a real interior) features at its heart a 2.-liter turbodiesel four-cylinder. With 190 horsepower, 300 pound-feet of torque and HTRAC all-wheel drive, we can only hope that Hyundai's powertrain claims see the light of day. Take a look at our full gallery of live images from the floor of the 2015 North American International Auto Show, and then head below for Hyundai's official statement on its latest concept truck. Hyundai's Fresh Take on the Sport Truck Concept Appeals to Trending "Urban Adventurer" Millennial Lifestyles Appeal of a Modern CUV with the Incremental Utility of an Expanding Truck Bed DETROIT, Jan. 12, 2015 – Today, Hyundai revealed its innovative Santa Cruz Crossover Truck Concept at the North American International Auto Show in Detroit. This fresh concept reflects a completely new interpretation of truck utility for a new generation of buyers, especially Millennials, who represent the second-largest population of car buyers. "The Santa Cruz crossover truck concept meets the unspoken needs of a growing Millennial lifestyle we call 'Urban Adventurers'," said Mark Dipko, director, corporate planning, Hyundai Motor America.