Hyundai And Kia May Need To Build More EVs In North America | Carscoops carscoops
Hyundai and Kia may have to increase the number of electric vehicles they produce in North America to remain competitive.
The U.S. Senate recently passed the first draft of the Inflation Reduction Act on Sunday that also outlines how EV subsidies will be offered in the future. U.S. President Joe Biden is expected to sign off on the bill later this week after the House vote. Found within the bill is a $369 billion green stimulus package that will provide subsidies of $7,500 for each individual EV that is produced in North America and that includes even batteries produced in the U.S.could lose ground to their competitors because they don’t currently have any EV production facilities in North America and currently build both the Ioniq 5 and EV6 in Korea.and Kia EV9 are expected to be built at a new factory in Georgia.
“If we do not advance the production of electric vehicles in the U.S., we may miss the opportunity to dominate the market, so the decision is urgent,” Samsung securities researcher Lim Eun-young said. Hyundai and Kia’s market share of EVs in the United States dropped to 7.6 percent in July, meaning it dropped behind Ford with a 10.4 percent share and Volkswagen with an 8.5 percent share. This was due to a decrease in export shipments because of a strike by the Korean cargo alliance, and an increase in the number of models offered by competitors.
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