Hyundai Motor Group marked its entry into the U.S. government’s EV incentive program, with five models qualifying for tax credits of up to $7,500 under the Inflation Reduction Act. The milestone comes after the Korean automaker completed its EV plants in Georgia in late 2024.
The approved models include Hyundai’s IONIQ 5 crossover and IONIQ 9 SUV, Kia’s EV6 and EV9 SUVs, and the Genesis Electrified GV70 sedan. These vehicles join 20 other models from American manufacturers and Honda in qualifying for the subsidies.
The tax credits could boost Hyundai’s competitive position in the U.S. market, where it sold 112,566 EVs in the first 11 months of 2024, up 19.3% year-over-year. The company previously offset its exclusion from tax benefits by offering discounts matching competitors’ subsidized prices.
However, the program’s future remains uncertain. The transition team for President-elect Donald Trump has indicated plans to eliminate EV purchase tax credits, potentially affecting Hyundai’s market strategy and recent investments in U.S. manufacturing capacity.
Hyundai and Kia’s Georgia facilities, including the new Hyundai Motor Group Metaplant America, now produce four of the qualified models, while the company also maintains assembly operations in Alabama.
