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Hyundai grew EV sales by 27% in Q3, but foreign automaker demand drop ‘seems inevitable’ in US
Hyundai delivered another strong performance in the third quarter as several popular EV models led to 27% EV sales growth. However, analysts believe with the new tax credit provisions from the Inflation Reduction Act, a drop in demand “seems inevitable” for foreign automakers like the Hyundai Group.
Despite plans to start construction on its first EV plant in the United States this month, Hyundai is one of the automakers that will lose eligibility for its electric models to qualify for the EV tax credit, according to the current rules.
Hyundai announced its intentions to build a dedicated electric vehicle facility in the United States in May, but since the Inflation Reduction Act was passed in August, the automaker has shortened its timeline.
Read the whole story on electrek.co