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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.

2016 Kia Sorento now an IIHS Top Safety Pick

The new Kia Sorento has taken it up a notch, securing a Top Safety Pick from the Insurance Institute for Highway Safety thanks to a major improvement in the small overlap crash test. When the Sorento was in 2014, the crash dummy didn't have an easy time of it, almost missing the front airbag and suffering nearly a foot of intrusion in the footwell. That earned it a "poor" mark. The 2016 model did much better, with the dummy properly restrained, proper airbag deployment, and just four inches of intrusion in the footwell, all of which was good enough for a "good" rating. Add that to the good ratings it's received for all the other tests, the Sorento's overall status is elevated to Top Safety Pick. You can check out video of the small overlap test above. News Source: Insurance Institute for Highway Safety Kia Safety Crossover Videos crash test kia sorento

2015 Kia Rio freshens up for France

We've always felt that the current-generation Rio is styled with European flair, so good on Kia for showing its refreshed new look here at the Paris Motor Show.
The B-segment hatchback's aggressive looks get modestly more so for the new model year, with a revamped tiger nose grille and new light fixtures, along with a pair of hash marks in the fog lamp area. To us, the current car, introduced for 2012, still looks quite fresh, but we like the subtly new light fixtures and suite of new wheel designs.