SEOUL: Kia Corp is expected to produce electric vehicles in the United States from 2024, South Korean media Maeil Business Newspaper and TV channel SBS reported today, citing an unidentified auto industry source.
Kia Corp was not immediately available for comment when contacted by Reuters.
The Inflation Reduction Act signed into law by US President Joe Biden last month excludes Hyundai Motor Co and its affiliate Kia Corp from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least.
These two companies, which make the popular Ioniq 5 and EV6 models, sold more than 39,000 EVs in the United States between January and July – doubling last year's sales and blowing past Ford Motor Co, Volkswagen AG and General Motors Co.
Only about 20 EVs qualify for subsidies under the new rules, among them models from Ford and BMW, and starting next year, GM and Tesla Inc. The rules also specify requirements for EV battery materials and parts sourcing from 2023.
