2 days Ago By Umar Shakir
Five electric vehicles from Hyundai, Kia, and Genesis now qualify for the US’s $7,500 EV tax credit, reports. The new models include popular vehicles like the Hyundai Ioniq 5 crossover SUV and Kia EV9 three-row family hauler. Now, 25 EVs and plug-in hybrids across 10 brands .
The Biden Administration’s EV tax credit rules building vehicles in North America for eligibility and include . In 2022, Hyundai and Kia against Biden’s Inflation Reduction Act after it expanded the available credits but left the EVs they were building in Korea ineligible for them. Now that Hyundai has opened up a $7.
6 billion EV to produce the and the three-row SUV, its vehicles are eligible. However, Hyundai and Kia might lose the benefit if the upcoming Trump administration makes drastic changes. The President-elect vowed during his campaign to eliminate the EV incentives though American automakers have .
But unless Congress votes to eliminate the program, Hyundai and Kia buyers could still get the incentive for the 2025 tax year or take advantage of it through a lease. that Trump could try to take other actions without Congress by eliminating the credit for leases or taking down websites with information about the program. /.
