SEOUL -- Shares in Hyundai Motor and its smaller affiliate Kia are slumping on the outlook for its electric vehicle sales in the U.S. after President Joe Biden signed marquee legislation that excludes the South Korean automakers' EVs from up to $7,500 in consumer tax credits.
Automobiles
Hyundai, Kia hit after Biden signs tax, climate and health bill
Automakers' share prices sink as their EVs not eligible for $7,500 tax credit
Hyundai's Ioniq 5. The outlook for Hyundai Motor electric vehicles in the U.S. is clouded by the country's Inflation Reduction Act. (Photo by Ken Kobayashi)
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