With the signing of the Inflation Reduction Act by President Biden, electric vehicle tax credits have been extended through 2032. There's just one problem; not all EVs will qualify for them. Of the existing EVs and PHEVs on sale, only around 20 or so will receive the $7,500 credit because the law stipulates that the car must be assembled in North America. This immediately rules out a slew of highly-rated EVs from South Korea, including the Hyundai Ioniq 5 and Kia EV6.
South Korea is understandably furious about the new law because it effectively makes EVs from Hyundai, Kia, and Genesis $7,500 more expensive than their American rivals. According to a Reuters report, the country doesn't plan to stay silent on the matter.