Kia Corp to produce electric vehicles in the U.S. from 2024

Business

Kia Corp (000270.KS) is expected to produce electric vehicles in the United States from 2024, South Korean media Maeil Business Newspaper and TV channel SBS reported on Tuesday, citing an unidentified auto industry source.

The Inflation Reduction Act signed into law by U.S. President Joe Biden last month excludes Hyundai Motor Co (005380.KS) and its affiliate Kia Corp from federal tax credits because they don’t yet make EVs in North America, knocking their EV ambitions in the short term at least.