Hyundai and Kia EVs now available with the $7,500 tax credit

In a significant development for the electric vehicle market, Hyundai, Kia, and Genesis announced that five of their EV models now qualify for the $7,500 federal tax credit in the United States. This is the first time the Korean automaker has been eligible for the incentive since the Inflation Reduction Act (IRA) came into effect in 2022.

Eligibility for the tax credit comes after the company invested $7.6 billion in a new EV manufacturing plant in Georgia. The facility, known as Metaplant America (HMGMA), began production in October 2024, and it was built in just two years.

The first vehicle to roll off the assembly line at HMGMA was the upgraded 2025 Hyundai Ioniq 5. Shortly after, Hyundai began mass production of its first three-row electric SUV, the Ioniq 9. Both models, along with the Kia EV9 and the 2025 Kia EV6, which are produced at Kia's West Point, Georgia plant, now qualify for the $7,500 tax credit. Genesis, Hyundai's luxury brand, also has a qualifying model, the GV70. It is built at Hyundai's manufacturing plant in Montgomery, Alabama.

The availability of the tax credit should boost Hyundai's EV sales in the US, one of the company's most important markets. Through November 2024, Hyundai and Kia sold over 112,500 EVs in the US alone. The tax credit, together with other incentives such as a free NACS adapter that allows Hyundai EV owners to access Tesla Superchargers, is likely to make Hyundai's EVs quite a bit more appealing.

The positive development may be a bit too late. Reports suggest that the incoming Trump administration wants to eliminate the credit altogether. This would make Hyundai's celebrations rather short-lived. This probably is the best time to snag a cheaper EV from either of the Korean brands.

Via