Hyundai Motor Co. has announced a cash bonus of up to $7,500 for electric vehicle (EV) buyers in the US, aiming to keep its cars competitive with automakers qualifying for tax credits under President Joe Biden’s administration. The discounts apply to the Ioniq 5, Ioniq 6, and Kona Electric models, and the month-long incentive will last through January 31, 2024.
Hyundai’s EVs do not meet the requirements under the clean vehicle tax credit program, which aims to encourage domestic production of EVs and components. To address this, Hyundai is building an EV plant in Georgia, with assembly expected to start as soon as the end of 2024. In 2023, Hyundai and affiliate Kia sold a total of 69,259 battery-powered vehicles in the US, making them the second-biggest EV maker behind Tesla. Despite the cash bonus, few vehicles are eligible for the credits, and the list of qualifying car models may shrink further due to tough rules pushing automakers to meet specific requirements.
