None
EN
Korean carmakers, battery firms forced to reshape US strategy amid EV subsidy cutoff
['Lee Min-Hyung', 'Mhlee Koreatimes.Co.Kr']
Korea Times News
Hyundai Motor Group and local battery firms are being forced to reshape their sales strategy in the United States, as they will no longer receive electric vehicle (EV) subsidies starting this month.
Industry officials said local carmakers will have to offer price incentives to U.S. customers even at the cost of falling profitability.
Market analysts said local battery firms will sell less in the U.S. from the fourth quarter as a result.
This is pushing battery firms to find new growth engines to offset a potential earnings fall from their EV battery business.
Two other major battery firms, SK On and Samsung SDI, are also taking a similar step in the U.S. to ensure profitable growth amid a negative outlook for their conventional EV battery business.