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New U.S. rules on EV subsidies slam Hyundai, Kia’s dreams

SEOUL/DETROIT (Reuters) -After grabbing the No. 2 spot in the U.S. electric vehicle market with stylish, long-range models, Hyundai Motor and Kia are the automakers with the most to lose from new rules that halt subsidies for EVs made outside North America. 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. But the Inflation Reduction Act signed into law by U.S. 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, a Hyundai official, parts suppliers, analysts and car dealers said.

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