on last slide
Hyundai And Kia Threatening Legal Action Over The Massive Climate And Energy Bill
EVs made outside North America are not eligible for the tax credit of $7500.
The law also contains restrictions on the using batteries and other components of the battery
Or crucial minerals from China which controls about three-fourths of the world market for batteries.
Two South Korean automakers, Hyundai and Kia, are threatening legal action in response to the enormous environmental and energy bills.
Both companies hold the second highest share of the EV market within the US. However, they don't have one or more EVs in the US, Canada
, or Mexico.
As reported by The Financial Times, Chung Eui-sun chairman of the Hyundai Group, was in Washington, DC,
This week for the "urgent trip to trade" to call on legislators to reset the law's stringent production
and supply chain regulations.
Other companies are moving forward with plans to build EVs within the US.
Last month, Mercedes-Benz announced that it'd begun production of the 202
3 EQS SUV at its manufacturing facility in Tuscaloosa, Alabama, using batteries made by a battery plant in Bibb County.
Additionally, Volkswagen has just begun production of the 2023 ID.4 electric crossover at its plant located in Chattanooga, Tennessee.
Click To Enter In Giveaway!