South Korea’s biggest electric-car battery makers and Hyundai Motor Co. have expressed concern over new US legislation aimed at boosting domestic production of EVs and reducing the use of Chinese materials, moves they say could hurt their competitiveness.
South Korean battery makers source most of their materials from China, and finding new sources could be difficult amid surging demand and short supply. Meanwhile, all the EVs Hyundai currently sells in the US and Europe are made in Korea. The automaker plans to open its first US plant in Georgia in 2025.
The firms are waiting for more details on the US rules and some are already seeking to diversify suppliers outside China, according to people at the four big Korean cell and materials makers, who asked not be named because of the sensitivity of the issue. The draft of the legislation still seems to be vague and the thresholds may be adjusted after US carmakers lobby Congress, some of the people said.
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