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US Election Democratic Party Unexpected Shenzhen… Only IRA probation will live in Korean car

While the US midterm elections are finished with half of the Republicans, they are interested in the direction of inflation reduction (IRA), which the Korean auto industry is keen on. Experts observe that the probability of probation is more likely than the full revision of the bill. Experts say that at least two years of probation is needed to reduce the impact of the Korean auto industry.

While the US midterm elections are in progress on the 9th (local time), the Republican Party occupied the majority due to a slight difference in the House of Representatives, and the Senate, which had a fierce battle between the two parties, is expected to be suspended by December.


President Joe Biden and the Democratic Party, who have dominated both the Senate and the House of Representatives, have passed a lot of bills over the past two years, one of which is the IRA. The problem is that the IRA has a disadvantage for Korea's finished car companies regarding electric vehicle tax deductions.

The legislation provides government subsidies and tax deductions only for electric vehicles manufactured in the United States or North America, which in fact effective to check foreign electric vehicles. This is why the domestic automobile industry has been asleep in the election results.

Prior to the implementation of the midterm elections, the observation that Republicans will recapture both the House and the House of Representatives. This led to the possibility of an IRA revision, which was the opposite of Republicans.

But in this election, the Republican Party won a slight difference in the House of Representatives, reducing this possibility. To deal with the bill passed by the Republican Party in the Senate, 60 out of 100 seats are required.

Even if the amendment is passed in the Senate, the situation is more complicated if the President of Biden exercises the right to veto. In order for Congress to pass a bill that has returned to the president's rejection, both the upper and lower sources require more than two-thirds of the approval. In reality, it is not easy to pass the amendment. As Republicans are also US priority, the legislation is unlikely to be greatly revised.

Domestic experts also predict that there will be no significant changes in the bill. Therefore, the probation, not the IRA full revision, is a realistic way. The Korean government and Hyundai Motor Group also submitted opinions on the US Treasury Department, which is building the IRA subcommission on the 4th (local time).

Kim Pilot, a professor of automotive engineering at Gaelic University, said, It is practically difficult to touch exceptions and exceptions.

The Democratic Party also knows the problems of the bill, so there is a possibility that the Democratic Party wins the legislation in this election, or will be deferred, he said. It is time to push strongly to the US government after the election.

Lee Shotgun, a professor of automotive science at Derek University, also analyzed that IRA was likely to be suspended. Professor Lee said, The Biden government has entered into the IRA to hold the conservatives, and former President Trump has been casting 24% of Korean car tariffs, and there is a war that had to be Yuma after the election. It is highly likely that the adjustment of the item will be at the end of the year.

The Republican Party has risen from the House of Representatives to the majority party, and IRA budget cuts are also heard, and it is inevitable than it is now.

Lee Hanging, a researcher at the Korea Automotive Research Institute, said, IRA is expected to go without a big change. The blow of Korean companies will be small.


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