Hyundai's announcement comes as U.S. President Joe Biden's administration prioritized a push toward electric cars, aiming to replace the 650,000 vehicles in federal fleets with U.S.-made electric vehicles.In January, Biden also signed an executive order aimed at imposing tougher rules on government procurement practices to increase purchases of American-made products, strengthening domestic manufacturing and create markets for new technologies.
Analysts said Hyundai's U.S. investment was essential to take advantage of the Biden administration's EV policies and to receive subsidies and tax incentives. "If Hyundai seeks to fully leverage U.S. EV policies, they need to pursue not only EV production but also sourcing major auto parts in the United States," said Kevin Yoo, an analyst at eBEST Investment & Securities.
Lee added that it is up to how the South Korean carmaker sources U.S.-made batteries for its U.S. EV production, raising potential further investment in the United States by top battery makers. Hyundai's announcement came before U.S. President Joe Biden meets with South Korean President Moon Jae-in in Washington next week in talks that are expected cover North Korea, COVID-19 vaccines and other topics.
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That's what a free market is about. There are very few actual free markets in this country because corporations tend to own all the brand names that you see on the shelves that's not competition it's not a free-market. Those are monopolies and that's one of the major issues here.
Want a reliable vehicle? But a Hyundai.
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