Hyundai Motor Group’s five EV models are eligible for United States tax credits under the Inflation Reduction Act (IRA), effective Thursday.

The eligible models include the Hyundai Ioniq 5, Ioniq 9, EV6, EV9, and Genesis GV70, allowing buyers to receive up to US$7,500.

The IRA, which began in August 2022, provides tax credits for EVs assembled in North America. It also mandates that these vehicles be made with minerals sourced from the US or its free trade agreement partners.

The incoming Trump administration may review or modify this program.

In 2024, Hyundai and Kia reported a 30.3% increase in American EV sales over the first three quarters. A total of 91,348 units were sold.

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