HYMLF - South Korea could push up EV plant in U.S. timeline due to new tax credit rules

South Korean automaker Hyundai Motor Co. ( OTCPK:HYMLF ) is expected to consider pushing ahead with the construction of its electric vehicle plant in the U.S. to early as this year due to the implications of the new U.S. EV tax credit rules.

The new U.S. tax credit law excludes electric vehicles assembled outside North America, which has reset some plans within the industry.

South Korean Foreign Minister Park Jin has expressed concerns over the legislation during a call with U.S. Secretary of State Antony Blinken and the nation is reported to be considering whether it will file a complaint at the World Trade Organization over the U.S. Inflation Reduction Act. South Korea Trade Minister Ahn Duk-geun also plans to discuss the matter with U.S. officials next week in Washington.

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