Kia may produce electric vehicles in the U.S. from 2024

Kia Corp is expected to start producing electric vehicles in the United States from 2024, according to South Korean media Maeil Business Newspaper and TV channel SBS.

The report came on Tuesday and it cited unnamed auto industry source.

Kia Corp is yet to comment on the report.

The Inflation Reduction Act signed into law by U.S. President Joe Biden last month excludes Hyundai Motor and its affiliate Kia Corp from federal tax credits as they don’t yet make electric vehicles in the country.

Only about 20 EVs qualify for subsidies under the new regulations, among them models from Ford and BMW, General Motors and Tesla Inc.