S. Korea to provide official feedback to U.S. on Inflation Reduction Act this week

▲ This photo, provided by Hyundai Motor Group, shows a groundbreaking ceremony for the South Korean carmaker's electric vehicle-only plant in Bryan County, Georgia, on Oct. 25, 2022. In May, Hyundai announced a US$5.54-billion investment for the plant, called Hyundai Motor Group Metaplant America, and a car battery plant. (PHOTO NOT FOR SALE) (Yonhap)

S Korea-US EV law

S. Korea to provide official feedback to U.S. on Inflation Reduction Act this week

SEOUL, Nov. 2 (Yonhap) -- South Korea will submit an official written opinion to the United States this week regarding an act that excludes electric vehicles assembled outside of North America from tax credits, officials said Wednesday.

The U.S. Treasury Department is requesting public input on the Inflation Reduction Act (IRA) amid concerns that the law, signed by U.S. President Joe Biden in August, would place non-American carmakers at a competitive disadvantage. Two South Korean carmakers -- Hyundai Motor Co. and its smaller affiliate Kia Corp. -- make EVs at domestic plants for export to the U.S.

"We are working to provide official feedback regarding the issue this week. We've been thoroughly reviewing the matter, and having close consultations with experts and businesses," an official of Seoul's industry ministry said.

The deadline for the submission is Nov. 4 (U.S. time).

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