HYMLF - Hyundai COO expects big impact from new tax credit rules for imported EVs: report

• Hyundai's ( OTCPK:HYMLF ) operating chief Jose Munoz said the U.S. govt.'s move to eliminate tax credits for imported EVs under the Inflation Reduction Act will have a "huge impact" on the automaker's business, CNBC reported on Wednesday.
• Munoz did not disclose the specific financial impact.
• "It will be very astronomical if nothing happens, if nothing changes. That's why we're taking actions through all channels," said Munoz during a Reuters automotive summit.
• Eliminating tax credit of up to $7.5K for plug-in hybrid and electric vehicles imported and sold in the U.S. dealt a major blow to automakers, which rely on the credits to support lower vehicle prices amid higher costs of lithium and cobalt used for batteries.
• According to the CNBC report, Munoz believes Hyundai ( OTCPK:HYMLF ) should be exempted from the elimination because of its commitment to the U.S. market.

For further details see: