Hyundai Motor Group, which includes Kia and Genesis models, has announced that five of its electric vehicles (EVs) now qualify for the $7,500 US federal tax credit. This marks the first time the Korean automaker has been eligible for the tax benefit since the Inflation Reduction Act (IRA) was passed in 2022.
The US Department of Energy confirmed that Hyundaiās IONIQ 5 and IONIQ 9 electric models, along with Kiaās EV6 and EV9, and the Genesis Electrified GV70, are now among the 25 EV models that qualify for the credit. The IONIQ 5 is built at Hyundai’s new Metaplant America (HMGMA) in Georgia, which began production in October 2024. The $7.6 billion facility, which was completed in just two years, played a crucial role in qualifying for the tax incentive. “We fast-tracked production at our new Metaplant to unlock the credit,” Hyundai stated.
In 2024, Hyundai and Kia have sold over 112,500 EVs through November. The eligibility for the tax credit is expected to enhance Hyundaiās competitiveness in the US, one of its most significant markets. Prior to this, the automaker could only offer the $7,500 tax benefit on EV leases.
Additionally, Hyundai is offering an incentive to new EV buyers, providing a free NACS (North American Charging Standard) adapter to access Tesla’s Supercharger network. This promotion is available to both new customers purchasing 2025 IONIQ 5, IONIQ 6, and Kona Electric models, as well as existing owners of earlier IONIQ and Kona Electric models. The 2025 IONIQ 5, now featuring improved range and updated styling, starts at $42,500 for the SE RWD Standard Range model, offering up to 245 miles of range. The Long Range model starts at $46,550, providing up to 318 miles of range.
Hyundai’s new tax-credit eligibility comes at a critical time as the company aims to increase its presence in the US EV market, although potential future changes to the tax credit remain a concern.
