Biden’s EV tax credit rules deal ‘astronomical’ blow to business

DETROIT – The Biden administration’s elimination of tax credits for imported electric vehicles deals a massive blow to Hyundai Motor’s business, an executive for the automaker said Wednesday.

Jose Munoz, global president and chief operating officer, declined to disclose a specific financial impact associated with the requirements of the Inflation Reduction Act, but described it as a huge blow to the automaker’s bottom line. Hyundai and others are lobbying for some of those requirements to be reversed.

“It will be very, very astronomical if nothing happens, if nothing changes. The impact is huge,” Munoz said Wednesday during a Reuters automotive conference. “That’s why we’re taking…