Hyundai‘s five electric vehicle models now qualify for the $7,500 federal tax credit in the US. This is the first time the Korean carmaker has been qualified for the incentive since the Inflation Reduction Act (IRA) took effect in 2022.Hyundai’s five electric vehicle models now qualify for the $7,500 federal tax credit in the US. This is the first time the Korean carmaker has been qualified for the incentive since the Inflation Reduction Act (IRA) took effect in 2022.
The corporation qualified for the tax credit after investing $7.6 billion in a new EV production unit in Georgia. The factory, known as Metaplant America (HMGMA), went into production in October 2024 after only two years of construction.
HMGMA’s first production car was the modified 2025 Hyundai Ioniq 5. Hyundai has begun full production of its first three-row electric SUV, the Ioniq 9. Kia’s West Point, Georgia facility produces both models, as well as the Kia EV9 and 2025 Kia EV6, which now qualify for a $7,500 tax credit.
The availability of the tax credit is expected to enhance Hyundai’s EV sales in the United States, one of the company’s key markets. The tax credit, combined with other incentives such as a free NACS adaptor that lets Hyundai EV owners to use Tesla Superchargers, is anticipated to increase demand for Hyundai EVs.
