Kia Expected to Produce EVs in the United States
Sept. 21, 2022—Kia will produce electric vehicles in the United States from 2024, according to a report from Reuters.
This news has been reported by South Korean media Maeil Business Newspaper and TV channel SBS, utilizing information from an unidentified automotive industry source. Reuters said that Kia was not available to comment.
It is being speculated that the motivation behind this endeavor involves federal tax credits. Kia does not currently make EVs in North America, therefore making the automaker ineligible for the Inflation Reduction Act.
President Biden signed the act into law last month. It allows tax credits for automakers who opt to make electric vehicles in North America. If Kia follows through on this anticipated plan to make EVs in the United States, the automaker would be able to get these tax credits.