The transition committee is also seeking to abolish the advanced manufacturing production credit (AMPC), a tax benefit for battery producers and others, sources at the US Senate told The Korea Economic Daily.“The AMPC is also subject to review for scrapping as Korean makers, not US companies, are major beneficiaries of the incentive,” said one of the sources.
The South Korean automakers are predicted to weather the slowdown with other models, industry sources in Seoul said.“Hyundai and Kia have various technology of hybrids and extended range electric vehicles, which connect internal combustion engine cars and pre EVs,” said one of the sources.
They are additionally equipped with a small internal combustion engine to generate additional energy.“With higher US tariffs on Chinese cars, Hyundai and Kia will be able to increase their overall market share if they improve their networks in North America based on cost competitiveness,” the source said.Toyota Motor Corp.expanded its presence in the US by expanding production and sales networks there during the US-Japan trade conflict in the 1980s and 1990s.
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