Ex-NYPD Officer Faces Over 17 Years for Taking Part in Capitol Riot
New US electric vehicle subsidy rules slam Hyundai and Kia’s dreams
SEOUL/DETROIT (Reuters) – After taking second place in the U.S. electric vehicle market with sleek, long-range models, Hyundai Motor and Kia are the automakers with the most to lose from new rules that stop subsidies for electric vehicles manufactured outside of North America. These two companies, which make the popular Ioniq 5 and EV6 models, sold more than 39,000 electric vehicles in the United States between January and July, doubling sales from last year and overtaking Ford Motor Co, Volkswagen AG and General Motors. Co. But the inflation-reduction law signed into law by US President Joe Biden last month excludes Hyundai Motor Co and its subsidiary Kia Corp from federal tax credits because they do not yet manufacture electric vehicles in North America. Nord, reversing their EV ambitions in the near term at least, a Hyundai official said. , parts suppliers, analysts and auto dealers said.