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| Name | S. Korea automakers Hyundai and Kia at risk from tax measures in U.S. Inflation Reduction Act |
| Video Uploader | Video From Arirang News |
| Upload Date | This Video Uploaded At 22-08-2022 09:07:55 |
| Video Discription | 바이든 '아메리카 퍼스트'…생존 기로에 선 韓 전기차 Last week, U.S. President Joe Biden signed the so-called Inflation Reduction Act, which seeks to cut greenhouse gas emissions and lower prescription drug prices. It also includes a key provision meant to spur growth in the electric vehicle market. But this puts South Korean auto giants in a tight spot... because people buying their electric vehicles are not going to be eligible for a tax cut. Lee Rae-hyun tells us more. The Biden administration has taken what it says is a big step to tame inflation in the U.S. "We are going to cut the deficit point out by another three billion dollars with the Inflation Reduction Act over the next decade. We are cutting deficits to fight inflation by having the wealthy and big corporations finally begin to pay part of their fair share." One of the key provisions of this Inflation Reduction Act... aims to make electric vehicles more mainstream. It will allow all buyers, even if they have a high income, to get a 7,500 dollar tax credit for buying an EV. But to qualify, the car has to be assembled in North America. This ONE requirement alone has already disqualified dozens of EV models,... including those from South Korea's biggest carmakers, Hyundai and Kia. Adding to this, the act restricts the use of battery components or critical minerals derived from China, which has caused a major controversy. "The problem is that the law was signed after Hyundai Motor pledged to invest over 10 billion dollars and build EV production lines in the state of Georgia just three months ago when President Biden visited Korea. This law uses an 'America-first' kind of logic." Hyundai and Kia have no EV production lines in the U.S. Their EVs the Ioniq 5 and the EV6 are made in Korea. On top of that, for EV battery components,... South Korea relies on China to source over 70 percent of its materials. So, how will South Korean EV makers be able to survive in the U.S. market? After the law was passed, South Korea expressed concerns that it could be a violation of the rules of the World Trade Organization and the South Korea-U.S. FTA. On Friday, Seoul's top diplomat Park Jin reportedly asked his U.S. counterpart Antony Blinken for some flexibility in the way the law is implemented. In this case, an expert says, South Korea has two main strategies. "The first would be for the South Korean government to keep urging the U.S. to delay the implementation of the law or to allow tax benefits for Korean EVs... while working with American organizations that oppose the law. Also Korean carmakers should get their EV production lines ready as soon as possible, especially Hyundai Motor, which will have its own EV lines in Georgia in 2025." He added that Hyundai and Kia should consider at least temporarily converting their combustion engine production lines to produce EVs so that they can respond to this crisis without delay. Lee Rae-hyun, Arirang News. #Inflation_Reduction_Act #electric_vehicle #Arirang_News 📣 Arirang News(Facebook) : https://www.facebook.com/arirangtvnews 📣 Arirang News(Twitter) : https://twitter.com/arirangtvnews 📣 News Center(YouTube) : https://www.youtube.com/c/NEWSCENTER_ARIRANGTV 2022-08-22, 17:00 (KST) [UzkPDhfnRt4] |
| Category | News & Politics |
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