Inflation Reduction Act Disrupts EV Market, Says Kia Of America COO via insideevs.com
The Inflation Reduction Act has earned criticism from America's biggest trading partners and major import auto brands alike over tying federal tax credits to North America production of EVs, their batteries and certain battery materials.will impact their efforts to market electric vehicles in the US, but Kia of America appears to be a bit more blunt., the company's chief operating officer Steve Center said the law pulls the rug out from the entire industry.
"To have anything just changed 'presto change-o' is very disruptive to everybody. You have the whole industry aggressively developing and getting ready to manufacture electric cars ... and you go in, you change it and it disrupts everybody's planning." The Inflation Reduction Act requires that to qualify for a $7,500 tax credit, an EV and its battery must be assembled in North America and certain battery materials must be sourced or processed in North America.Center added that the Inflation Reduction Act is a challenge now for Hyundai Motor Group, the parent company of Hyundai,and Genesis.
"We're going to make the cars and there's a certain cost given the technology maturity and scale that we're at today. So it makes things very difficult for us to comply with both what we want to do and the aspirational objectives of the government." Hyundai Motor Group is the No. 2 seller of EVs behind Tesla, with a 9.4 percent share of the EV market, according to
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