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South Korean auto-part makers express concerns with US IRA, proposed changes

( November 4, 2022, 01:18 GMT | Official Statement) -- MLex Summary: South Korean car parts makers said they are deeply concerned about the “discriminatory” provisions that make only electric vehicles assembled in North America eligible for tax credits under the US Inflation Reduction Act, in a letter sent to US Secretary of Treasury Janet Yellen today. The Korea Auto Industries Cooperative Association, on behalf of some 250 South Korean auto parts makers, requested that the US Congress and government remove or amend the provisions or propose a “three-year transition period” that delays implementation of the law until South Korean automaker Hyundai Motor Company has completed EV plant construction in the US. The letter is attached....

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