Hyundai vehicles don’t qualify for the federal government’s $7,500 electric vehicle tax credit. But the company will lower the price of many of its EVs by that figure, anyway.
is offering cash bonuses as high as $7,500 to some electric car buyers in the U.S. The move should help make Hyundai EVs competitive with those that qualify for the tax credit – a short list now that tougher domestic supply chain requirements have kicked in for 2024.
The discount applies to three Hyundai EVs:
- The Ioniq 5 – a compact SUV with a distinctive angular look, an unusually spacious cabin, and a range of up to 303 miles. Our expert test driver called it “an excellent EV with a long range, advanced tech features, and the best warranty in its class.”
- The Ioniq 6 – a unique-looking curvy midsize sedan sharing the same basic parts and similar specifications. Our critic found it “a delight to drive,” with a design scheme that is “futuristic without being too weird.”
- The Kona Electric – a compact SUV completely redesigned for 2024, with a starting price under $35,000 and a range of up to 261 miles. In our tests, we liked its roomy interior, updated technology, and two electric powertrain offerings.
Some buyers can qualify for $2,500 in additional discounts if they trade in what Hyundai considers a “competitive vehicle.” The company hasn’t shared a list of qualifying cars, though we’ll update this story if they do.
Plus: The $7,500 federal EV tax credit is on the ballot in November
Hyundai currently builds all its EVs outside the U.S. But the company is in the process of constructing a large EV factory in Georgia. Future Hyundai EVs may qualify for the federal discount once that factory opens.
This story originally ran on KBB.com.