Hyundai Motor Co. to award up to $7,500 in monetary bonuses to U. S. EV buyers. The U. S. Department of Homeland Security is working to keep its cars competitive with automakers eligible for tax credits under President Joe Biden’s Inflation Reduction Act.
The discounts apply to the Ioniq 5, Ioniq 6 and Kona Electric, and the month-long incentive will last until Jan. 31, according to the Korean automaker’s website. Hyundai’s electric cars can meet the needs of the Clean Vehicle Tax Credit program. which aims to inspire domestic production of automobiles and electrical components.
Without an operational electric vehicle plant in the U. S. , there is no such thing as a power plant. In the U. S. , Hyundai is building an electric vehicle plant in Georgia that could start operating by the end of 2024. Hyundai and its subsidiary Kia sold a total of 69,259 battery-powered vehicles in the U. S. In 2023, the second-largest electric vehicle maker, Tesla Inc. , according to BloombergNEF.
However, few cars are eligible for the credits, and the list of eligible car models may shrink further due to strict regulations that push automakers to rely on Chinese suppliers for parts.
The Biden administration is looking to revive American industry while tilting the economy away from fossil fuels. The IRA also intersects with a separate national security objective: to free the US and its allies, as much as possible, from dependence on supply chains it sees as vulnerable to China.