Politics & Finances

Hyundai Says Biden's EV Tax Changes Are "Astronomical" Blow

10/20/2022

Hyundai officials have spoken out about the "astronomical blow" they've been dealt thanks to the electric vehicle (EV) tax changes that were included in President Biden's Inflation Reduction Act.

In August, it became apparent that the new regulations applied to very few -- if any -- of the EV models currently on the market in the United States.

At the time, a report pointed out, the "rules are written in such a way as to effectively disqualify every EV that's currently on the market today." This is due to the fact that the vast majority -- over 75%, in fact -- of today's electric vehicle models run on lithium-ion batteries that are manufactured in China.

In order to secure the Senate's vote, Capitol Hill Democrats had to agree to the provision that the new EV tax credit would only apply to vehicles with batteries made in North America.

Now, Jose Munoz, Hyundai and Kia's global president and chief operating officer, has spoken out about the impact the new restrictions will have on the motor company.

At a Reuters automotive industry conference, he said, “It will be very, very astronomical if nothing happens, if nothing changes. The impact is huge. That’s why we’re taking actions through all the channels.”

Munoz is not the first person in the auto industry to express opposition to the Inflation Reduction Act's new manufacturing regulations.

In a post on Friday, August 5, the Alliance For Automotive Innovation's John Bozzella explained that of the 72 EV vehicle models for sale in the U.S. today, 70% are ineligible for the new tax credit.

Bozzella shared:

...Americans who would otherwise receive the credit today (say, the family test driving a car this weekend and on the fence about whether to make the switch to an EV) will no longer be able to take advantage of this financial incentive to purchase an EV. The $7500 credit might exist on paper, but no vehicles will qualify for this purchase incentive over the next few years. That's going to be a major setback to our collective target of 40-50 percent electric vehicle sales by 2030.

Per CNBC, Hyundai, and its subsidiaries Kia and Genesis, have quickly become the second best-selling automaker of EVs in the nation -- behind Elon Musk's Tesla Motors -- representing 8.1% of the market through the third quarter.

The automaker this week announced it will be helping the FIFA World Cup achieve carbon neutrality with electric vehicle and bus rides for attendees. Some of Hyundai’s electric vehicles that will be involved include:

Hyundai IONIQ 5
Genesis G80 EV
Genesis GV70 EV

The brand also recently confirmed it will be hosting an off-the-grid glamping experience powered by EVs. The "Hyundai Hotel" can be found at the Colemans Farm retreat in Essex, about an hour from London.

What do you think about Munoz's recent comments?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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