{"id":2198646,"date":"2022-08-30T18:06:41","date_gmt":"2022-08-30T09:06:41","guid":{"rendered":"https:\/\/www.nknews.org\/pro\/?p=2198646"},"modified":"2023-04-05T16:11:41","modified_gmt":"2023-04-05T07:11:41","slug":"friends-without-benefits-how-a-new-us-law-penalizes-south-korean-carmakers","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2022\/08\/friends-without-benefits-how-a-new-us-law-penalizes-south-korean-carmakers\/","title":{"rendered":"Friends without benefits: How a new US law penalizes South Korean carmakers"},"content":{"rendered":"

During his first visit to South Korea as U.S. president, Joe Biden met with Hyundai Motor Group Chairman Chung Eui-sun, praising the auto giant for its plans to invest billions in the U.S.<\/span><\/p>\n

Chung had announced that Hyundai would spend some $10.5 billion to build an electric vehicle (EV) and battery plant in Georgia, an investment projected to create over 8,000 American jobs.<\/span><\/p>\n

\u201c<\/span>Thank you again for choosing the United States,\u201d Biden said. \u201c<\/span>We will not let you down.\u201d<\/span><\/p>\n

Those words have taken on a new irony less than three months later after Biden <\/span>signed a law<\/span><\/a> that appears likely to cripple Hyundai\u2019s sales in the U.S. market for the next few years.<\/span><\/p>\n

The<\/span> Inflation Reduction Act<\/span><\/a> went into effect on Aug. 16 and stipulates that only EVs assembled in North America are eligible for federal tax credits, a rule that disqualifies South Korean car manufacturers\u2019 EVs.<\/span><\/p>\n

The new law marks a continuation of Trump-era protectionist policies, and it has sent the Yoon administration scrambling to respond to protect the companies\u2019 business interests.<\/span><\/p>\n

The episode marks a significant speed bump in President Yoon Suk-yeol\u2019s efforts to bolster ties with Washington, demonstrating that greater entrenchment in the U.S. economy is not a risk-free proposition.<\/span><\/p>\n

\"\"

Hyundai Motor Group announces an agreement to build its first dedicated full electric vehicle and battery manufacturing facilities in the U.S. Seated at the table are Georgia Governor Brian P. Kemp (left) and company president and CEO Jaehoon Chang | Image: Hyundai Motor Group<\/a> (May 2022)<\/p><\/div>\n

MEASURING THE IMPACT<\/b><\/p>\n

The new Inflation Reduction Act revamps <\/span>federal tax credits for EV purchases,<\/span><\/a> now requiring vehicles to be assembled in North America in order to qualify for up to $7,500 incentives for consumers.<\/span><\/p>\n

All four of Hyundai and Kia\u2019s EVs<\/span><\/a> in the U.S. market and two models set for release next year do not meet the requirement as they are manufactured in South Korea. But the act extends tax credits for GM, Ford and Stellantis, which had long <\/span>lobbied lawmakers<\/span><\/a> to remove a rule that did not allow tax credits for manufacturers that have sold at least 200,000 EVs.<\/span><\/p>\n

The law sent Hyundai and Kia\u2019s retail prices soaring overnight, while their <\/span>stock values plummeted<\/span><\/a>.<\/span><\/p>\n

\u201cHyundai was on the cusp of hitting 10% of the U.S. market,\u201d Yang Hee-dong, a professor of business administration at Ewha Womans University, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

\u201cBeing excluded from tax credits for 2 to 3 years would be a devastating setback as it severely dents their price competitiveness,\u201d Yang said.<\/span><\/p>\n

With the debut of Hyundai\u2019s Ioniq 5 and Kia\u2019s EV6, combined EV sales for the two companies jumped from fifth last year to second in June, trailing only Tesla. Elon Musk himself <\/span>tweeted<\/span><\/a> that Hyundai was \u201cdoing pretty well,\u201d and <\/span>Bloomberg<\/span><\/i> described the South Korean firm as \u201c<\/span>quietly dominating<\/span><\/a>\u201d U.S. EV sales.<\/span><\/p>\n

Beyond the immediate impact, the new U.S. law also throws the South Korean auto giant into the deep end of a spiraling supply chain crisis, requiring manufacturers to source at least 40% of core battery components from North America or countries with which the U.S. has free trade agreements beginning from Jan. 2023. The rate rises to 60% in 2024.<\/span><\/p>\n

Any component from a \u201cforeign entity of concern,\u201d namely China, <\/span>would be ineligible for tax credits.<\/span> Over 80%<\/span><\/a> of South Korea\u2019s battery material imports, including lithium, cobalt and graphite, came from China this year.<\/span><\/p>\n

\u201cAs China dominates EV minerals, it is virtually impossible to switch suppliers in the short term. It looks like they will have to hope for the U.S. to soften its policy while seeking other partners and technologies to secure their supply chains,\u201d Kyle Yooshin Kim, a former logistics procurement officer at Posco International, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

ROCK AND A HARD PLACE<\/b><\/p>\n

Its options limited, Hyundai announced it will break ground on its Savannah factory <\/span>ahead of schedule<\/span><\/a> to meet the production requirements, while its chief <\/span>set off for the U.S.<\/span><\/a> last week to make a personal appeal to Washington officials.<\/span><\/p>\n

With the nation\u2019s second-largest firm in crisis, South Korea\u2019s trade ministry has <\/span>formed<\/span> a public-private response group, sending a <\/span>delegation of trade, finance and diplomatic officials<\/span><\/a> to Washington on Monday.<\/span><\/p>\n

It will also look to <\/span>form a joint response<\/span><\/a> with Japan and the EU to collectively press the Biden administration to reconsider its measures. Brussels has <\/span>decried the move<\/span><\/a> as \u201cdiscriminatory\u201d and \u201cincompatible\u201d with World Trade Organization rules.<\/span><\/p>\n

While a major breakthrough is unlikely, \u201cthere\u2019s a slim chance that Washington eases some of the provisions after the U.S. midterm elections in November,\u201d according to <\/span>Kim Ho-seop<\/span><\/a>, a senior analyst at Korea Credit Service.<\/span><\/p>\n

Even U.S. companies have asked for more time to meet the <\/span>battery production requirements<\/span><\/a> scheduled to take effect next year. South Korea, China and Japan currently dominate production of cathode and anodes for the global battery market, so U.S. automakers will also suffer if Korean battery makers cannot meet the new criteria.<\/span><\/p>\n

\"\"

Hyundai\u2019s \u2018IONIQ 5\u2019 EV, July 2022 | Image: Hyundai Motor Group<\/p><\/div>\n

AMERICA FIRST 2.0<\/b><\/p>\n

Since Yoon and Biden <\/span>agreed to bolster cooperation<\/span><\/a> on economic security in May, Seoul has backed Washington\u2019s <\/span>Indo-Pacific Economic Framework<\/span><\/a> and is weighing whether to join its <\/span>Chip 4 semiconductor network<\/span><\/a>, at the risk of offending its largest trading partner China.<\/span><\/p>\n

Meanwhile, South Korea\u2019s biggest firms have continued to invest in chip factories, battery plants and research labs in the U.S. \u2014 making multibillion-dollar pledges that <\/span>gave Biden a boost<\/span><\/a> as he worked to pass the CHIPS and Science Act through Congress.<\/span><\/p>\n

South Korea has also counted on Washington\u2019s \u201cfriend-shoring\u201d policy under which it has said it will \u201cfavor <\/span>supply chains to trusted countries\u201d and \u201cextend market access,<\/span>\u201d as described by <\/span>Treasury Secretary Janet Yellen<\/span><\/a>.<\/span><\/p>\n

But as <\/span>global EV makers stand at a crossroads, it is now clear that the Biden administration has <\/span>not fully reversed Trump-era protectionism<\/span><\/a> and is channeling its own version of an \u201cAmerica First\u201d trade policy, casting doubt over Washington\u2019s commitment to multilateral institutions and the economic security of its allies.<\/span><\/p>\n

Beijing\u2019s <\/span>economic sanctions in 2017<\/span><\/a>, <\/span>Trump-era tariffs<\/span><\/a> on Korean steel and Washington\u2019s new tax credit provisions have all scarred South Korea and sent the message that it needs both the U.S. and China as export markets, but cannot solely rely on either for economic security.<\/span><\/p>\n

In response to the new inflation law, the Korea Automotive Technology Institute <\/span>suggests<\/span><\/a> Seoul develop a two-pronged strategy of \u201ccooperating with American companies in technology and capital, while strengthening communication and cooperation with China to maintain its share\u201d in the world\u2019s largest EV market.<\/span><\/p>\n

Yang of Ewha Womans University told <\/span>Korea Pro<\/span><\/i> that South Korea should also strengthen mineral supply chains for EVs \u201cby cooperating with major producers like Australia, Chile and Indonesia \u2014 which have FTAs with both South Korea and the U.S.\u201d<\/span><\/p>\n

\u201cSimultaneously, Seoul needs to work with partners of the (China-led) Regional Comprehensive Economic Partnership to secure its supply chains and enhance its multilateral network,\u201d he said.<\/span><\/p>\n

As long as U.S.-China tensions persist, Washington will continue its decoupling campaign. But if America First remains at the heart of Biden\u2019s economic policies, friend-shoring is unlikely to establish much credibility among U.S. allies.<\/span><\/p>\n

Edited by Bryan Betts<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

During his first visit to South Korea as U.S. president, Joe Biden met with Hyundai Motor Group Chairman Chung Eui-sun, praising the auto giant for its plans to invest billions in the U.S. Chung had announced that Hyundai would spend some $10.5 billion to build an electric vehicle (EV) and battery plant in Georgia, an […]<\/p>\n","protected":false},"author":3665,"featured_media":2198664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,27,28],"class_list":["post-2198646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-domestic-politics","tag-inter-korean-foreign-relations"],"yoast_head":"\nFriends without benefits: How a new US law penalizes South Korean carmakers - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2022\/08\/friends-without-benefits-how-a-new-us-law-penalizes-south-korean-carmakers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Friends without benefits: How a new US law penalizes South Korean carmakers - 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