Chairman Chung Eui-sun Returns from 2-Week US Business Trip... Discusses IRA Countermeasures

[Asia Economy Reporter Yoo Hyun-seok] It has been reported that Chung Eui-sun, Chairman of Hyundai Motor Group, who departed for a business trip to the United States on the 23rd of last month, returned on the 3rd.

According to industry sources on the 4th, Chairman Chung, who visited the U.S. for the fourth time this year, completed about two weeks of schedule and returned late in the afternoon the previous day through Gimpo Airport. It is reported that Chairman Chung focused on preparing countermeasures in response to the implementation of the U.S. Inflation Reduction Act (IRA).

The IRA stipulates that subsidies are only provided for electric vehicles produced in North America, so Korean-made electric vehicles are not eligible for subsidies. Hyundai Motor and Kia currently produce all electric vehicles such as the Ioniq 5 and EV6 domestically and export them, raising concerns about weakened competitiveness in the U.S. market.

Meanwhile, Hyundai Motor Group is considering advancing the groundbreaking of its electric vehicle-only plant in Georgia, U.S., from the first half of next year to October this year, aiming to start operations from the second half of 2024.

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