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    A000270   KR7000270009


End-of-day quote Korea Stock Exchange  -  2023-01-31
69500.00 KRW   +4.04%
02/02Kia announces January 2023 global sales results
02/02Georgia lawmakers commend Kia for manufacturing and its impact to the state
02/02Dovish US Fed Pivot, Stronger Won Buoy South Korean Shares
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Automakers, South Korea urge U.S. to tap commercial EV tax credit

12/07/2022 | 01:37am EST
FILE PHOTO: Members of the media take photographs of a Genesis GV60 electric vehicle during its showcase in Seoul

WASHINGTON (Reuters) - Many automakers and the South Korean government are urging the Biden administration to tap a commercial electric vehicle tax credit to boost consumer EV access, a plan that could help ease concerns over a climate bill approved in Congress.

The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, sparking anger from South Korea, the European Union, Japan and others.

Some automakers say a lesser noticed IRA provision for "commercial clean vehicles" could be used to boost EV manufacturers and address foreign concerns.

Rivian Automotive, Hyundai Motor and Kia Corp among others want the administration to let consumer vehicle leasing qualify for the commercial EV tax credit that could reduce monthly lease payments.

The South Korean government in comments made public Tuesday urged Treasury "interpret 'commercial clean vehicles' broadly" to include rental cars, leased vehicles and vehicles purchased for use in Uber or Lyft rideshare fleets.

South Korea also asked Treasury not to impose any budget restrictions on commercial vehicle tax credits through 2025.

Hyundai and Kia want Treasury to allow people leasing EVs to be able to qualify for up to a $4,000 tax credit for used EVs if they buy vehicles when leases expire.

The IRA consumer EV tax credit imposes significant battery minerals and component sourcing restrictions, sets income and price caps for qualifying vehicles and seeks to phaseout Chinese battery minerals or components.

The commercial credit does not have the same sourcing or pricing restrictions but has an "incremental cost" eligibility test that might prove complex. Some automakers want Treasury to make it easier to ensure most commercial light-duty vehicles qualify for $7,500 tax credits.

President Joe Biden said last week "there are tweaks that we can make that can fundamentally make it easier for European countries to participate."

Some automakers oppose using the commercial credit for consumer sales.

Toyota Motor Corp said "the lack of criteria to qualify for (commercial credits) could undermine the IRA's goals to expand domestic production of EV batteries and maintain America's energy independence."

Tesla said commercial credits "should apply exclusively for commercial end-users" and the consumer tax credit "should apply exclusively for individual end-users."

General Motors Chief Executive Mary Barra told Reuters on the sidelines of an event Monday that addressing foreign concerns about the credit is "more complicated than just one thing to solve it" and added "sticking to the intent of the bill" drafted by Congress "is important."

(Reporting by David Shepardson; Editing by Lincoln Feast.)

By David Shepardson

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BATTERY MINERALS LIMITED 0.00% 0.004 Delayed Quote.0.00%
GENERAL MOTORS COMPANY -0.89% 41.13 Delayed Quote.22.27%
HYUNDAI CORPORATION -0.18% 16550 End-of-day quote.2.16%
HYUNDAI MOTOR COMPANY 1.80% 170000 End-of-day quote.12.58%
KIA CORPORATION 4.04% 69500 End-of-day quote.17.20%
LYFT, INC. -0.97% 17.38 Delayed Quote.57.71%
RIVIAN AUTOMOTIVE, INC. -4.69% 19.9 Delayed Quote.7.98%
TESLA, INC. 0.91% 189.98 Delayed Quote.54.23%
TOYOTA INDUSTRIES CORPORATION -3.75% 7450 Delayed Quote.6.91%
TOYOTA MOTOR CORPORATION 1.98% 1929.5 Delayed Quote.4.36%
All news about KIA CORPORATION
02/02Kia announces January 2023 global sales results
02/02Georgia lawmakers commend Kia for manufacturing and its impact to the state
02/02Dovish US Fed Pivot, Stronger Won Buoy South Korean Shares
02/02Kia Motors Posts 9% Jump in January Vehicle Sales
02/01India raises tax on imported cars, motorbikes, including EVs
01/30Russian carmaker Avtotor launches production of Chinese Kaiyi cars
01/30Kia's Net Income, Sales Soar in Q4
01/27Kia announces 2022 fourth quarter business results
01/27Kia Corporation announces an Equity Buyback for 7,215,007 shares.
01/27Kia Corporation authorizes a Buyback Plan.
More news
Analyst Recommendations on KIA CORPORATION
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Sales 2022 86 952 B 69,9 B 69,9 B
Net income 2022 5 323 B 4,28 B 4,28 B
Net cash 2022 9 631 B 7,75 B 7,75 B
P/E ratio 2022 5,39x
Yield 2022 4,49%
Capitalization 28 546 B 22 958 M 22 958 M
EV / Sales 2022 0,22x
EV / Sales 2023 0,18x
Nbr of Employees -
Free-Float 61,4%
Duration : Period :
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Technical analysis trends KIA CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 28
Last Close Price 71 200,00 KRW
Average target price 96 571,43 KRW
Spread / Average Target 35,6%
EPS Revisions
Managers and Directors
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, VP & Head-Finance
Eui-Sun Chung Chairman
Sang-Koo Nam Independent Director
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