Biden’s Inflation Reduction Act could spoil Hyundai’s hot streak in America
With the expectation of capturing approximately 11% of new vehicle sales in the country, Hyundai is having a breakout year. Hyundai Motor Group is currently the world’s fourth-largest automaker by sales, but with electric vehicles being pushed by the government… it remains to be seen if it will remain that way.
The Biden administration’s Inflation Reduction Act has axed the company’s federal tax credits offered to customers when purchasing an electric vehicle from the automaker. Hyundai’s competitors such as Tesla, Ford Motor, and General Motors all keep the tax credits in their pockets due to being manufactured on domestic soil. As it stands, all of Hyundai’s electric vehicles are currently imported to the U.S. instead of manufactured here.
South Korea has welcomed the U.S. decision to extend electric vehicle tax credits for cars containing Chinese graphite until 2026.