U.S. Sen. Raphael Warnock urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the automaker invests billions of dollars to open its first American EV plant in the Democratic senator’s home state of Georgia.
Warnock sent a letter to Treasury Secretary Janet Yellen raising concerns that the revised tax credit President Joe Biden signed last month as part of a sweeping climate and health law could place some automakers at a competitive disadvantage. That’s because the new law says the credit of up to $7,500 only applies if the EVs and their batteries are manufactured in North America.
That means vehicles made by South Korea-based Hyundai would no longer qualify for the credit until the company starts producing EVs in Georgia, which isn’t expected until 2025.
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