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U.S. VP Harris pledges to consult S. Korea over EV subsidy concerns

TOKYO/SEOUL — U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers. The $430 billion "Inflation Reduction Act" bill enacted in August includes a host of U.S. President Joe Biden's priorities, including investments to roll back climate change and make Washington a world leader in the EV market. Among the law's provisions are requirements that EVs be assembled in North America to qualify for tax credits. The law also ends subsidies for other EV models and requires that a percentage of critical minerals used in those cars' batteries come from the United States or an American free-trade partner. Harris, visiting Japan, met with South Korea's Han Duck-soo and "underscored that she understood (Korean) concerns regarding the Act's tax incentives for electric vehicles, and they pledged to continue to consult as the law is implemented," the White House said. A senior Biden administration official said extensive conversations have already taken place within the U.S. government over how to address South Korea's concerns. "She listened very carefully and made clear our commitment to work within the U.S. government — the U.S. Trade Representative, the Treasury Department — as we look ... to help address that issue," the official said. Biden has sought to deepen business with South Korea as part of a bid to increase U.S. manufacturing jobs and build a united front against China, who he views as the country's key ideological and economic competitor. Korean officials see the new requirements as a betrayal after South Korean companies agreed to make major investments and build factories in the United States. Heavily industrialized South Korea worries the new subsidies will set back Hyundai Motor Co and its affiliate Kia Corp in the world's largest consumer market. Cars are South Korea's third-largest export. (Reporting by Trevor Hunnicutt in Tokyo, and Soo-hyang Choi and Joyce Lee in Seoul; Editing by Clarence Fernandez and Kim Coghill) Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Green Plants/Manufacturing Genesis Hyundai Kia Electric South Korea

Hyundai closes the books on fuel economy litigation

Hyundai-Kia ended up with a lot of kimchi on its face in 2012 when it admitted it had mistakenly exaggerated fuel economy estimates on several 2012 and 2013 model-year offerings like the Hyundai Accent, Veloster and Elantra and Kia Soul. Before the admission a lawsuit had been filed by an entity called Consumer Watchdog, afterward there were "approximately 53" lawsuits filed in federal court that were eventually consolidated into one case in a California Central District court.
The companies apologized profusely and gave customers prepaid gas cards that they could refill with funds for as long as they own their vehicle, as well as perks like free car washes and routine maintenance services. The company has just announced that it has reached a preliminary settlement of the case by adding another method of reimbursement, a lump sum payment that would free drivers from having to go back to the dealership to have their mileage verified for debit card refills.
Assuming the preliminary agreement is approved by the judge, customers could choose the lump sum or the cards. The settlement's value could be as much as $210 million, but the exact number depends on which program plaintiffs choose. On average, affected customers will receive $353. Approval could come in "early 2014," after which Hyundai will notify customers. You'll find more particulars on the potential settlement in the press release below.

2015 Kia K900 debuts as brand's RWD flagship model

Despite the fact that executives at both Hyundai and Kia alike have said on numerous occasions that the two companies are separate entities (and largely, they are), there's still a lot that's shared between the two brands. Common platforms and powertrains are found in a number of different Hyundai and Kia products, though the end results have typically been cars that, to the consumer's eye, are quite different. So when Hyundai got its first rear-wheel-drive sedan, the Genesis, a few years ago and followed it up with the larger, more luxury-oriented Equus, it was only a matter of time before sister company Kia got a slice of the RWD pie. And the first product to use this architecture is this, the new K900 sedan that makes its debut at the LA Auto Show.
Kia will offer the K900 with both V6 and V8 power.
Think of the K900 as something of a mix between the Genesis and Equus. All three share the same platform, but the K900 share the Equus' 119.9-inch wheelbase, as well as its front and rear tracks measured at 63.8 and 64.1 inches front and rear, respectively. But unlike the V8-only Equus, Kia will offer the K900 with both V6 and V8 power, like the Genesis. In fact, the K900 will offer the same two engines, although tuned slightly differently, as the Genesis: a 3.8-liter V6 producing 311 horsepower (no torque output is listed as of this writing) and the company's 5.0-liter Tau V8 producing 420 horsepower (oddly, Hyundai rates the Genesis and Equus at 429 hp with this same engine, though that's with premium fuel). Eight-speed automatic transmissions are standard with either powerplant, with Eco, Normal and Sport shift settings.