Hyundai’s Ioniq 9 (Image courtesy of Hyundai Motor)
SEOUL, Jan. 3 (Korea Bizwire) — Five electric vehicle models from Hyundai Motor Group are set to qualify for a $7,500 consumer tax credit under the U.S. Inflation Reduction Act (IRA), a development expected to boost the automaker’s competitiveness in the American market.
According to the U.S. Department of Energy, Hyundai’s Ioniq 5, Ioniq 9, Kia’s EV6 and EV9, and Genesis’ GV70 electrified model are included in the 2025 IRA benefits list. The program provides incentives to electric vehicles that meet strict sourcing requirements for batteries and critical minerals and are manufactured in the U.S.
Impact of U.S. Manufacturing Expansion
Hyundai’s eligibility follows the opening of its dedicated electric vehicle plant, Hyundai Motor Group Metaplant America (HMGMA), in Georgia in late 2024. This marks the first full inclusion of Hyundai Motor Group models in the IRA program. The Genesis GV70 had briefly qualified last year before being excluded under revised guidelines.
The tax credit is expected to further enhance Hyundai’s market position in the U.S., where the group sold 91,348 electric vehicles in the first three quarters of 2024, a 30.3% increase compared to the same period in 2023.
Potential Challenges
However, the future of the IRA program could face uncertainty. The possibility of significant reductions or repeal under a potential second Trump administration remains a critical factor for automakers relying on these incentives.
As Hyundai Motor Group strengthens its foothold in the U.S. market, the tax credit offers a timely advantage amid growing competition in the EV sector.
Kevin Lee (kevinlee@koreabizwire.com)
