BNNBloomberg: Hyundai Hints at Reassessing US Investment Due to EV Rules

BNN Bloomberg website has posted, “Hyundai Motor Co. may need to reassess plans to build manufacturing capacity in the US if the Inflation Reduction Act poses a risk to growth, a government affairs executive at the automaker said.”

“Hyundai is working with its government to forge a deal with the US Treasury Department that would offer some relief to new rules that require EV makers to assemble their cars in North America and reduce their reliance on Chinese suppliers in order to be eligible for subsidies. The legislation was signed by US President Joe Biden but the final details are still being ironed out.”

““If this continues to potentially hurt our growth, I think we’ll have no choice but to really reassess where we go,” Hyundai Vice President of Government Affairs Robert Hood said during an online seminar hosted by the Wilson Center on Thursday. “We don’t want to do that. The US is so important to us as a company.””

“Hood said Mexico is becoming a popular option for automakers. “The price and the cost of labor and production and everything else is substantially cheaper in Mexico,” he said, calling on the US to “delay everything” related to the law.”

To read the article click here.