With the possibility of former President Donald Trump returning to the Oval Office now greater than ever, Hyundai and Kia are expected to scale back their battery-electric vehicle plans and increase focus on hybrid vehicles.
The Korean manufacturers have invested billions into U.S. manufacturing thanks to the introduction of the Inflation Reduction Act (IRA) introduced under the current Biden administration. However, Trump has threatened to scrap the IRA, and while the election is still some months away, market analysts believe Hyundai, Kia, and Genesis will need to shift focus.
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