Hyundai, a leading automobile manufacturer, has taken a unique approach to make their electric vehicles (EVs) more competitive despite not qualifying for the federal government’s $7,500 EV tax credit. The company has decided to lower the price of many of its EVs by that exact figure, offering cash bonuses as high as $7,500 to potential buyers in the U.S.
This significant move comes as a response to the limited options currently available for buyers in terms of EVs that qualify for the tax credit. Stricter domestic supply chain requirements have introduced further complications for 2024. By offering these cash bonuses, Hyundai aims to level the playing field and provide consumers with an attractive alternative.
Three Hyundai EVs Eligible for Cash Bonuses
The cash bonuses apply to three Hyundai EV models:
-
The Ioniq 5: This compact SUV features a distinctive angular look, spacious cabin, and an impressive range of up to 303 miles. Our expert test driver describes it as “an excellent EV with advanced tech features, a long range, and the best warranty in its class.”
-
The Ioniq 6: With its unique and curvy design, this midsize sedan shares the same foundational components as the Ioniq 5. Our critic commends its delightful driving experience and futuristic yet appealing aesthetic.
-
The Kona Electric: Completely redesigned for 2024, this compact SUV offers a starting price below $35,000 and a range of up to 261 miles. In our tests, we were pleased with its spacious interior, updated technology, and two electric powertrain options.
In addition to these cash bonuses, some buyers may qualify for an additional $2,500 discount if they trade in what Hyundai considers a “competitive vehicle.” Although the exact list of qualifying cars has not been shared by the company, we will provide updates as soon as they become available.
Future Prospects for Federal EV Tax Credit
Presently, Hyundai produces all its EVs outside of the U.S. However, there are plans underway to construct a large EV factory in Georgia. Once this factory is operational, future Hyundai EVs may become eligible for the federal tax credit, further increasing their appeal to potential buyers.
This story was originally published on KBB.com.
Leave a Reply