Photo by Andrew J. Hawkins / The Verge
Five electric vehicles from Hyundai, Kia, and Genesis now qualify for the US’s $7,500 EV tax credit, Electrek reports. The new models include popular vehicles like the Hyundai Ioniq 5 crossover SUV and Kia EV9 three-row family hauler. Now, 25 EVs and plug-in hybrids across 10 brands qualify for the credit.
The Biden Administration’s EV tax credit rules mandate building vehicles in North America for eligibility and include additional requirements for sourcing battery components. In 2022, Hyundai and Kia threatened to take legal action against Biden’s Inflation Reduction Act after it expanded the available credits but left the EVs they were building in Korea ineligible for them.
Now that Hyundai has opened up a $7.6 billion EV manufacturing plant in Georgia to produce the NACS-equipped 2025 Ioniq 5 and the upcoming Ioniq 9 three-row SUV, its vehicles are eligible.
Screenshot: The Verge
Hyundai, Kia, and Genesis models have been added to the Federal Tax Credits list as of January 1st, 2025.
However, Hyundai and Kia might lose the benefit if the upcoming Trump administration makes drastic changes. The President-elect vowed during his campaign to eliminate the EV incentives on “day one,” though American automakers have pleaded to let it live.
But unless Congress votes to eliminate the program, Hyundai and Kia buyers could still get the incentive for the 2025 tax year or take advantage of it through a lease. The New York Times recently reported that Trump could try to take other actions without Congress by eliminating the credit for leases or taking down websites with information about the program.