The chair of Hyundai Motor has gone on an urgent trade mission to Washington this week, after the Korean car giant’s electric vehicles were excluded from generous consumer tax credits contained in a landmark US climate, tax and spending law.
Chung Eui-sun, the billionaire scion of Hyundai’s founding family, is expected to raise his company’s concerns with US officials, as Korean car industry representatives express consternation at what they describe as “discrimination” against EVs produced in Korea.
The Inflation Reduction Act, signed into law by US president Joe Biden earlier this month, envisages tax credits of up to $7,500 for EVs assembled in North America.
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