[앵커]
In accordance with the US Inflation Reduction Act, Korean electric vehicles are not eligible for subsidies, and it is expected that exports will be disrupted by 100,000 units from next year.
This is a different policy from President Biden’s promise not to disappoint Hyundai Motor Company during his visit to Korea.
Correspondent Kwon Nam-gi.
[기자]
[조 바이든 / 미국 대통령 (지난 5월 한미 정상회담) : (현대차그룹이) 100억 달러(13조 원) 이상을 미국 제조업에 투자한다는 사실을 발표할 수 있어 기쁩니다. 다시 한 번 미국을 선택해주신 정의선 회장에게 감사의 뜻을 전합니다. 미국은 현대차를 실망시키지 않을 것입니다.]
This promise was overturned in just three months.
President Biden signed the “Inflation Reduction Act,” which would subsidize only electric vehicles made in the United States.
As a result, Hyundai Ioniq 5 and Kia EV6, all made in Korea and exported to the US, will no longer receive subsidies worth 10 million won per unit starting next year.
A sharp decline in sales is inevitable as US-made electric vehicles such as Tesla and Ford have lost their price competitiveness.
Hyundai-Kia Motors does not have an electric vehicle production plant in the United States, so it is not easy to come up with a solution right away.
Chairman Chung Eui-sun, who had gone to the United States in a hurry, decided to stay until next week to persuade, and also to advance the completion of the first electric vehicle-only plant to be built in Georgia by half a year from 2025.
However, there are many hurdles to overcome because even if EVs are made in the United States, Chinese batteries or core minerals cannot be used.
[이항구 / 한국자동차연구원 연구위원 : 내년에 일단은 전기차는 거의 못 파는 거죠. 현대차에서 (현지 공장 가동을) 2024년으로 당기더라도 배터리 쪽이 안 되면 세액공제(보조금)를 다 못 받을 수 있어요.]
The government decided to pursue a joint response plan with Germany and other countries while proceeding with Korea-US negotiations as much as possible, such as pushing for a visit by the Minister of Trade, Industry and Energy to the US.
The US will put Korea’s requirements into the sub-regulations of the Inflation Reduction Act to be announced within this year as much as possible.
As the last card, we decided to consider filing a complaint with the World Trade Organization and the WTO.
[이창양 / 산업통상자원부 장관 : WTO 규정 위반, 그다음에 한미 FTA 규정 위반 가능성에 대해서 우려를 전달했고요. WTO 제소 여부도 저희가 아주 적극적으로 검토해볼 생각입니다.]
However, given the domestic political situation in the United States ahead of the midterm elections in November, it is difficult to expect big changes and it is predicted that damage to Korean companies will be unavoidable since it takes at least several years to resolve disputes.
This is YTN Namgi Kwon.
YTN Namgi Kwon ([email protected])
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