TL/DR –
Hyundai Motor Co. will offer up to $7,500 in cash bonuses to US electric-vehicle (EV) buyers to keep its cars competitive with those qualifying for tax credits under President Biden’s Inflation Reduction Act. This applies to the Ioniq 5, Ioniq 6, and Kona Electric models and will be available until January 31, as Hyundai’s EVs were not eligible for the clean vehicle tax credit program. Hyundai, the second-biggest EV maker behind Tesla, is constructing an EV plant in Georgia, slated to start assembly in 2024.
Hyundai Offers Cash Incentives to Boost US EV Sales
Hyundai Motor Co. is offering up to $7,500 in cash rewards to US electric vehicle buyers in a bid to boost competitiveness amid the Biden administration’s Inflation Reduction Act tax credits.
The month-long incentives, available until Jan. 31, apply to the Ioniq 5, Ioniq 6, and Kona Electric models. Hyundai’s EVs were previously ineligible for the clean vehicle tax credit program, which promotes domestic EV and component production.
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Hyundai, which currently has no operational EV plant in the US, is constructing one in Georgia, set to begin operations by end of 2024. In 2023, Hyundai and affiliate Kia sold 69,259 battery-powered vehicles in the US, ranking second after Tesla, according to BloombergNEF.
However, few vehicles qualify for the credits, and stricter rules may further reduce eligible models as automakers face pressure to decrease reliance on Chinese part suppliers.
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The Biden administration’s push to promote domestic industry and transition from fossil fuels coincides with national security goals of reducing dependence on vulnerable supply chains, particularly those linked to China.
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