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Hyundai Motor said in May that it would break ground on its new
facility in Georgia in early 2023, with commercial production
starting in the first half of 2025 with an annual capacity of
300,000 units.
But the company is now considering starting construction later
this year in order to begin commercial production in the second
half of 2024, Yonhap reported, citing an unidentified auto
industry source.
Hyundai Motor was not immediately available for comment.
U.S. President Joe Biden signed into law on Aug. 16 a $430
billion bill, which ends tax credits for about 70% of the 72 EV
models that were previously eligible.
As a result, EVs sold by Hyundai Motor, Kia Corp, Toyota and
others are no longer eligible for the tax credits.
South Korean Foreign Minister Park Jin expressed concerns over
the new U.S. legislation during a call with U.S. Secretary of
State Antony Blinken last week, according to a foreign ministry
official.
South Korea will review whether to file a complaint at the World
Trade Organization over the U.S. Inflation Reduction Act, citing
concern that the law could violate WTO rules and a bilateral
free trade deal between South Korea and the United States,
Industry Minister Lee Chang-yang told a parliamentary session.
The country's Trade Minister Ahn Duk-geun plans to discuss the
matter with U.S. officials next week during his trip to
Washington, Lee said on Monday.
(Reporting by Heekyong Yang and Joyce Lee; Additional reporting
by Soo-hyang Choi; Editing by Simon Cameron-Moore and Mike
Harrison)
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