For the first time, Hyundai Motor Group’s electric vehicles, including models from Kia and Genesis, are eligible for the $7,500 federal EV tax credit. South Korea’s automotive giants have expanded their electric vehicle (EV) offerings to five models, poised to play a significant role in the US market.
As Hyundai’s impressive momentum carries over into 2024, there’s little indication of slowing down as the US market transitions towards electric vehicles. The US Department of Energy’s Vehicle Technologies Office has certified 25 electric vehicles, including five Hyundai models – Ioniq Electric, Hyundai Kona Electric, Hyundai Nexo Fuel Cell, Kia Niro EV, and Genesis GV80 Electrified – which are eligible for the federal tax credit.
For the first time, Hyundai, as a result of the Inflation Reduction Act (IRA) passed in 2022, can take advantage of tax incentives.
In October 2024, Hyundai commenced production at its cutting-edge Metaplant America (HMGMA), a massive $7.6 billion electric vehicle manufacturing facility located in Georgia. The corporation accelerated its manufacturing capabilities, enabling a two-year head start that ultimately unlocked access to credit scores.
The first production model to leave the assembly line was Hyundai’s enhanced 2025 IONIQ 5 electric crossover vehicle, boasting significant upgrades. Shortly following this announcement, Hyundai initiated large-scale production of its inaugural electric SUV with a third row, the IONIQ 9.
US taxpayers purchasing Hyundai, Kia, and Genesis electric vehicles may now qualify for a federal tax credit up to $7,500.
Hyundai’s IONIQ 5 and IONIQ 6 models are part of the 25 electric vehicle (EV) options eligible for the $7,500 US federal tax credit. Meanwhile, Kia is manufacturing its innovative three-row electric vehicle, EV9, and the upcoming 2025 EV6 at its state-of-the-art West Point, Georgia facility, both of which are poised to contribute to the company’s profits.
Hyundai’s Genesis brand has expanded its presence with the addition of this luxurious model to the list. The Genesis Electrified GV70 is manufactured at Hyundai’s facility in Montgomery, Alabama, thereby meeting the necessary criteria.
As five of its electric vehicles (EVs) now qualify for the federal tax credit, Hyundai anticipates a surge in demand across the US market. Prior to this change, Hyundai and Kia were the only manufacturers that provided the full $7,500 tax credit for electric vehicle (EV) leases.
By the end of November 2024, Hyundai and Kia had acquired more than 112,500 electric vehicles (EVs). As Trump’s transition team allegedly seeks to dismantle the EV tax credit, the benefits may swiftly evaporate.
Until then, Hyundai will relish an additional stage of participating in a prominent sector within the US, one of its most crucial sales markets.
Hyundai sweetens the offer by including a complimentary NACS adapter for customers who buy or lease a brand-new electric vehicle (EV) immediately. This allows them to access Tesla’s extensive Supercharger network, a major perk.
Owners of Hyundai models, including the 2024 and earlier IONIQ 5, IONIQ 6, Kona Electric, and IONIQ hatchback designs, can request their adapter through the MyHyundai owner portal.
Hyundai’s all-new 2025 IONIQ 5, IONIQ 6, and Kona Electric models are now eligible for this exciting promotion. The enhanced IONIQ 5 offers a range of upgraded features, including additional options, improvements to existing models, and enhanced overall performance. This device boasts a native Tesla NACS port, providing seamless integration with your Tesla vehicle.
| What’s the most cost-effective way to make the Ioniq 5 SE RWD a standout on the road? The answer lies in its unique styling cues that set it apart from the competition. | 168-horsepower rear motor | 245 | $42,500 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 |
| IONIQ 5 Restricted RWD | 225-horsepower rear motor | 318 | $54,200 |
| The Hyundai IONIQ 5 SE Twin Motor All-Wheel Drive: Elevate Your Commute with Unparalleled Performance and Agility. | 320-horsepower twin motor | 290 | $50,050 |
| Hyundai Ioniq 5 SEL: An Electrifying Experience in a Compact Package. With the power of two electric motors and all-wheel drive, this advanced vehicle delivers unparalleled traction and control on various terrain. The sleek design and spacious interior make it an ideal choice for both city driving and long road trips. | 320-horsepower twin motor | 290 | $53,000 |
| IONIQ 5 XRT: Dual-Motor All-Wheel Drive (Twin Motor AWD) | 320 horsepower twin motor | 259 | $55,400 |
| IONIQ 5: Advanced All-Wheel Drive Experience with Twin Motor Technology. | 320-horsepower twin motor | 269 | $58,100 |
The base 2024 Hyundai IONIQ 5 SE RWD trim starts at a price of $42,500 and boasts an estimated range of up to 245 miles. Starting at $46,550, the new Longevity model offers a maximum range of 318 miles, a notable increase from the outgoing model’s 303 miles.
Following a brand-new US sales report in November, Hyundai’s fortunes soared as IONIQ 5 sales more than doubled. Will a tax credit increase our company’s gross sales further, ultimately leading to higher revenue and profitability? The corporation is expected to release its US gross sales figures for December 2024 in the near future; stay informed for further updates.
