South Korea presses concerns over U.S. EV tax credit reform

Korean Deputy Trade Minister Ahn Sung-il raised concerns on Tuesday with the Biden administration over the revamped $7,500 electric vehicle tax credit that makes vehicles assembled outside North America ineligible.

Deputy United States Trade Representative (USTR) Sarah Bianchi met with Ahn, USTR said, saying "they agreed the two sides would keep in close contact on this issue over the coming weeks."

The $430 billion climate, health care and tax bill signed into law by President Joe Biden Aug. 16 made about 70% of EVs immediately ineligible for the U.S. tax credit, including all EVs offered by Korean automakers Hyundai Motor and Kia Corp.