Hyundai doesn’t care if Trump kills the EV tax credit, it plans to keep growing either way
Although President-Elect Donald Trump is promising to end the $7,500 EV tax credit, Hyundai is confident it will continue growing in the US. The company just opened a massive new $7.6 billion manufacturing plant in Georgia as it looks to grab a bigger share of the US market.
A Reuters report earlier this month claiming Trump’s transition team is planning to end the $7,500 federal EV tax credit is causing US automakers to brace for the potential major impacts.
Although US market leader Tesla reportedly supports the move, Hyundai Motor, including Kia, is preparing for any outcome.
“Hyundai did not build our [US] investment plan based on incentives; the plan was even made before Trump’s [first] term,” Hyundai’s newly elected CEO, Jose Munoz, said at the LA Auto Show last week.
In an interview with Korean media at the event (via Korea JongAng Daily), Munoz said, “If the Inflation Reduction Act goes out, it goes out for everybody, and we can even do better.” Although Hyundai’s EVs currently don’t qualify for the full $7,500 credit, like some US rivals, the company is still gaining market share.
“Competitors like Tesla step by step are losing market share and we continue to increase our share,” Hyundai’s current global chief operating officer explained.
Hyundai to remain flexible if Trump ends the EV tax credit
Hyundai opened its massive new $7.6 billion manufacturing plant in Georgia last month. The first vehicle that rolled off the assembly line was the new US-made 2025 Hyundai IONIQ 5. Hyundai upgraded its top-selling EV with more range, features, and a sleek new design. It also comes with an NACS port to charge at Tesla Superchargers.
Last week, the company also unveiled its first three-row electric SUV, the IONIQ 9, which will also be built at the facility.
However, until the battery unit opens next year, Hyundai’s US-built EVs qualify for a partial $3,750 credit. Until then, Hyundai is passing on the full $7,500 for leases.
Hyundai fast-tracked production to level the playing field in the US, its most important market. With Trump reportedly planning to end subsidies, Hyundai’s new CEO said the company will remain flexible.
“We will not only produce EVs but also hybrids and extended-range EVs at our plants, and therefore, the key for us is flexibility and then being able to adjust to what the customers want,” Munoz told reporters.
As the US is expected to pull back, China’s EV market continues surging. China became the first country to build over 10 million new energy vehicles (EVs and PHEVs) in a single year.
EV leaders, like BYD, are looking overseas to drive growth as a wave of low-cost rivals is hitting China. As sales continue surging, BYD is quickly catching up to Ford in global deliveries.
Munoz said, “China is a big threat,” but he believes Hyundai can compete with “technological prowess” and “quality.”
“A lot of consumers, when they buy Chinese products, they realize maybe the quality is not as good as others,” Hyundai leaders explained. That’s where Hyundai wants to “elevate our game in terms of providing not only the best quality but also the best services to our customers.”
Hyundai Motor, including Kia and Genesis, is outpacing Ford and GM as the second-largest seller of EVs in the US through September. With US production kicking off, Hyundai aims to solidify its spot in the US auto market.
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US coal giant Peabody and Germany’s RWE are teaming up to develop 5.5 gigawatts (GW) of solar and energy storage projects on former mining land in the Midwest.
It’s an unlikely but strategic partnership: RWE is one of the world’s leading renewable energy developers, while Peabody was once the largest private-sector coal company in the world.
RWE is buying into R3 Renewables, a joint venture that Peabody launched alongside Summit Partners Credit Advisors and Riverstone Credit Partners. With this move, RWE is acquiring Summit and Riverstone’s stakes and taking a majority position, while Peabody will hold on to a 25% equity interest. The projects are spread across Indiana and Illinois, focusing on large-scale solar and energy storage on land that Peabody previously mined for coal.
The plan is to develop 10 projects totaling 5.5 GW. RWE will take over seven of these projects, while the remaining three will continue under a joint venture with Peabody. If all goes to plan, these projects could generate enough electricity to power more than 850,000 homes.
For Peabody, which has faced growing pressure to pivot as the world transitions away from fossil fuels, the partnership is part of a broader effort to create value from its reclaimed mining sites. Jim Grech, Peabody’s CEO, says the partnership with RWE marks “significant added momentum” for their renewable energy initiatives.
RWE sees this as a big opportunity to expand in the US Midwest. Andrew Flanagan, CEO of RWE Clean Energy, called the partnership “an exciting opportunity to invest in rural regions of Indiana and Illinois,” promising economic development through construction jobs, investment, and community benefits. The plan aims to support the energy transition while ensuring that communities historically tied to coal still see benefits – this time from clean energy.
Read more: Ørsted’s largest solar farm in the world is now online in Texas
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For years, bitcoin won by being boring.
Investors weren’t able to do all that much with it besides buy and hold it. But that was precisely why the world’s largest cryptocurrency was valuable.
It was a commodity, like gold — or corn. It didn’t get too fancy on its offerings. In fact, bitcoin’s core team of developers has intentionally moved as slowly as possible on everything that touches the base blockchain specifically to avoid breaking things. That’s why many of crypto’s more cavalier coders headed to other blockchains to tinker and do things like build decentralized applications.
The approach worked. Traders poured their money into bitcoin not just because it was the OG coin but also because the network was robust and reliable, and they knew what they were getting. As solana reported hack after hack, bitcoin didn’t really change. The asset was volatile, but aside from a major system upgrade that took four years to design and green-light, bitcoin kept its status as the world’s biggest cryptocurrency by market cap by sticking to the status quo.
But times are changing for the original coin.
Developers are increasingly building on bitcoin’s base blockchain in unexpected ways. Wall Street is also decking the coin out with all its familiar trappings such as exchange-traded fund wrappers and allowing traders to hedge positions and make leveraged bets.
In January, spot bitcoin ETFs began trading, which opened the door to more mainstream investors. Last week, options on those spot crypto products finally started to go live on the Nasdaq and New York Stock Exchange. CBOE Global Markets is also set to list its first cash-settled bitcoin ETF options Dec. 2.
Creating this new margin framework around bitcoin means that both retail traders and institutions alike will be able to get more exposure to the asset class relative to how much cash they’re investing.
New ways to bet on bitcoin
Collectively, the U.S.-issued spot bitcoin funds hold north of $100 billion in assets under management. Last week, they notched their largest weekly inflows on record, totaling more than $3.1 billion. And according to CoinShares, year-to-date net flows are up to $37 billion versus U.S. Gold ETFs, which drew around $309 million in their first year.
Nearly half of those flows into the spot bitcoin products took place after U.S. interest rates were cut for the first time in four years in September.
Vetle Lunde, head of research at K33 Research, told CNBC there has been record high open interest for futures on the CME derivatives exchange, the way most U.S. institutions currently buy bitcoin futures contracts. But a lot of traders have been waiting for options on spot bitcoin ETFs on major exchanges such as the NYSE and Nasdaq, since it enhances liquidity and offers hedging tools.
Lunde says that demand for leveraged long exposure to bitcoin and ether is climbing, with VolatilityShares’ BTC exposure hitting new all-time highs.
Galaxy Digital’s trading team told CNBC the firm has observed significant volume in BlackRock’s IBIT ETF options, the first to launch on the Nasdaq last week. BlackRock is the largest digital asset manager in the world after it eclipsed Grayscale in August. BlackRock’s bitcoin trust IBIT holds $48.4 billion in bitcoin compared with the $34 billion in its gold trust.
Options on IBIT had a blockbuster debut, with 353,716 contracts traded on its first day, according to Galaxy Digital. The firm noted that the previous most active debut of options trading was when Facebook options went live in 2012 and 360,000 contracts changed hands.
Galaxy sees notable trading activity extending out to January 2027, roughly halfway into Donald Trump’s administration. On the campaign trail, the president-elect had an about-face on bitcoin and went from criticizing digital assets to making big promises to the crypto industry. Bitcoin is up roughly 40% since Election Day, Nov. 5.
“This level of concentrated, long-dated activity reflects investor confidence in the ETF’s long-term growth potential, signaling bullish sentiment for the years ahead,” Galaxy’s trading team told CNBC.
Until now, offshore crypto native platforms such as Binance and Deribit have been the main marketplace for bitcoin derivatives trading. Galaxy told CNBC there is a noticeable volatility premium between Deribit, CME and IBIT, which could present arbitrage opportunities among the varying platforms offering derivatives trading.
On Friday, more than $9 billion in bitcoin options contracts expire on Deribit, which could lead to greater price volatility as the expiration date approaches.
“There’s a ton of leverage in the system right now,” Galaxy Digital CEO Mike Novogratz, a longtime crypto investor, told CNBC’s “Squawk Box” on Friday.
“You look at the funding rates to do crypto in our market, right? The perpetual market, as high as they’ve been, the basis is high,” Novogratz said. “The crypto community is levered to the gills, and so there will be a correction.”
Bitcoin was within striking distance of $100,000 on Friday but retrenched over the weekend. The cryptocurrency is currently trading at around $95,000.
Environment
Last call on amazing BLUETTI 72-hour Black Friday Flash Deals – save up to 60% on top sellers
This year’s Black Friday sales are gearing up, and portable power station leader BLUETTI has kicked off the holiday season with amazing deals on backup power stations, batteries, and solar panels. The first round of incredible BLUETTI Flash Deals brought epic price cuts of up to 57%, but it’s not too late to join in! The last rounds are just around the corner: November 25–27 and November 29–December 1. As a special Thanksgiving gesture, Electrek readers can enjoy an exclusive 5% discount on many other premium solar generators. Get your holiday shopping list ready and don’t miss out on these unbeatable deals!
BLUETTI 72-hour Flash Deal Bundle offers – Major price cuts to power up your next adventure
Among the offers, we spotted the brand’s AC60 Portable Power Station bundled alongside a B80 expansion battery for $600, saving you 57%. This dynamic duo promises to meet all your off-grid power needs for camping trips, outdoor adventures, and power outages. Normally this bundle would cost you $1,398, and this deal shaves a whopping $798 off that price.
What you get is a AC60 and B80 combo that delivers 403Wh, with expandable capacity taking that to an impressive 2,015Wh. With seven versatile outlets, it can power a range of devices, such as ice-makers, fridges, smartphones, laptops, small appliances, medical equipment, and more. This bundle comes with an industry-leading six-year warranty and turbo charging to 100% in one hour. Plus the unit can be charged via solar panels, car chargers, or wall outlets, offering flexibility and convenience in various settings.
Also on offer is the BLUETTI AC60 plus the 100W Solar Panel SP100L bundle – for a flash sale price of only $399, saving you 56% and $499 off the regular price of $898. You won’t want to miss this one! This bundle offers a winning combination of power and portability, perfect for outdoor adventures or emergency backup. Paring the BLUETTI AC60 with the SP100L boosts your power when the sun is shining with monocrystalline solar cells with up to 23.4% efficiency, so your devices and power stations stay charged and ready. Plus, the solar panel is lightweight at less than 11 pounds, foldable and easily portable, and features a long-lasting ETFE coating.
Other incredible bundles on sale include the AC240+B210 (now $1,998; save $1,400/41% off), giving you an outdoor-friendly build and IP65 water- and dust-resistance power source resilient to all sorts of rain, mud, dust, and salt corrosion. Coupled with optimal ventilation to protect the internal components, the AC240 is made to go anywhere and power up anything, offering 2,400W AC output and 3,600W in Power Lifting Mode. Adding three more B210 batteries can boost that up to an impressive 10,136Wh. The bundle is rechargeable from 0 to 80% in 45 minutes with 2,200 AC input, and features smart control via Bluetooth or Wi-Fi via the BLUETTI app.
If you’re looking to get your hands on the class-leading solar power station BLUETTI EP500, now is your chance. This deal – priced at $1,999 – saves you an incredible $2,000 and 50% off. The BLUETTI EP500 comes with a groundbreaking 5120Wh LiFePO4 battery pack and a 2000W-rated pure sine wave AC inverter. This is enough power to easily and smoothly run your outdoor party, family camping trip, cabin workshops, or even your entire house for a day or two in the event of an unexpected outage. Options are aplenty too, with up to 15 outlet sources to power up laptops to air conditioning units to your electric car without any worry.
Other BLUETTI Black Friday top picks – Limited time until December 3
Pick up the next-generation best overall BLUETTI Elite 200 V2 portable power station for a limited starting price of $1,099 – that’s $900 savings slashed off its regular price of $1,999. Boasting a 2,073.6Wh capacity and 2,600W output, the Elite 200 V2 redefines portable power with the industry’s first automotive-grade LiFePO4 battery. Designed for longevity, it delivers over 6,000 cycles and an impressive lifespan of up to 17 years. This innovation packs 2kWh of capacity into a compact unit the size of a standard 1kWh device—perfect for van life, camping, or extended road trips. With efficient charging, ultra-low power consumption below 10W, and a power-lifting mode reaching 3,900W, the Elite 200 V2 is engineered for performance. It’s ideal for powering everyday essentials such as kettles, electric blankets, and hair dryers—bringing unmatched convenience and comfort to your adventures and daily life. Check it out on the BLUETTI website or Amazon.
The AC180 Portable Power Station – our high-performance top pick for on-the-go power – is now up for grabs at its lowest price ever, now just $479. This deal saves you 52% off and $520 off its original price. This power station offers 1,800W AC output and 2,700W Power Lifting Mode for running space heaters, hair dryers, electric kettles, etc., and a 1,152Wh capacity.
For on-the-go power for your next road trip or camping adventure, check out the AC200L Portable Power Station, marked at its own historically low price of $999 – that’s $1,000 off its original price and a savings of 50%. The power station has a 2,400W/2,048Wh capacity that is expandable up to 4,096W with the B230, or 8,192Wh with two of them. The AC200L recharges from 0 to 80% in 45 minutes with 2,400W AC input, with 1,200 max solar output. You can recharge the power station in six different ways, from AC to solar to car, as well as a generator, lead battery, and AC plus solar, and everything is controllable via Smart Control in the BLUETTI app via Bluetooth or Wi-Fi.
Huge savings on BLUETTI home backup solutions
If you’re looking for deals on home backup solutions, look no further than BLUETTI. Pick up the AC300+B300K bundle at just $1,599 – that’s $900 in savings, or 36% off. Offering the perfect power solution for many dynamic needs, it is equipped with 3,000W AC output to power most appliances, and a split phase bonding for 240V output for heavy-duty devices. For ultimate peace of mind that you can supply your home with power whenever you need it, the AC500+B300K*2 powers up devices with robust 5,000W output, effortlessly handling the demanding startup requirements of power tools, AC, and large refrigerators. Get the AC500+B300K*2 at only $3,099, saving $900 and 23% off the original price.
Last call on BLUETTI’s 72-hour Flash Deals!
The BLUETTI Black Friday event is in full swing, and you don’t want to miss the final call of their 72-hour flash deals, with up to 57% off. The final rounds are limited from November 25–27 and November 29–December 1. Mark the dates and get your shopping list ready!
Plus get all of the details here on the BLUETTI Black Friday picks with the lowest prices ever on a wide range of portable power stations and more. To get an exclusive 5% code for all products (not including the 72-hour Flash Deals) for Electrek readers, use code Electrek5 on the BLUETTI website and Amazon page.
About BLUETTI
With over 10 years of industry experience, BLUETTI is committed to sustainability, offering quality green energy storage solutions for both indoor and outdoor use. BLUETTI products are available in more than 70 countries and are trusted by millions of customers across the globe. For more information, please visit BLUETTI online.
Photos: BLUETTI
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