Federal EV Tax Credit Now Available for Hyundai and Kia – Take Advantage Today!

Exciting update for EV fans: a range of electric vehicles from Hyundai, Kia, and Genesis are now eligible for the $7,500 federal tax credit! If you’ve been considering making the switch to electric, this is your chance to save on some of the latest and most advanced EVs available. But hurry—this offer might not last long. Here’s everything you need to get started.

Hyundai and Kia Join the Club

Until now, Hyundai and Kia were excluded from the EV tax credit list due to manufacturing requirements. The Inflation Reduction Act mandates that EVs must be built in North America and meet specific criteria for battery component sourcing. This left vehicles made in Hyundai and Kia’s South Korean factories out of the running for the credit.

That changed when Hyundai’s new $7.6 billion EV manufacturing plant opened in Georgia, alongside Kia’s $200 million investment in its Georgia assembly plant. This strategic move made vehicles like the Hyundai Ioniq 5 and Kia EV9 eligible for the tax credit, alongside other models such as the Hyundai Ioniq 9 and Kia EV6. These cars join a competitive list of 25 EVs and plug-in hybrids currently qualifying for federal tax credits.

Stand-Out EV Models

Hyundai, Kia, and Genesis, under Hyundai Motor Group, have been creating waves with their stylish, feature-packed lineup of EVs. Now, they’re even more appealing, thanks to the tax credit.

Here are the newly eligible EVs:

• Hyundai Ioniq 5 – A cutting-edge crossover that has redefined the EV market.

• Hyundai Ioniq 9 – A family-friendly three-row SUV that’s long-awaited by enthusiasts.

• Kia EV6 – A sleek and sporty option with an impressive refresh coming in 2025.

• Kia EV9 – A groundbreaking three-row family hauler, now built in the U.S.

• Genesis GV70 Electrified – A luxury SUV packed with sophistication.

With the federal tax credit, these EVs become even more accessible, bringing you superior technology, sophisticated design, and significant financial savings.

Why Act Quickly?

While this is great news for EV shoppers, the credit’s future is uncertain. The incoming Trump administration has indicated plans to eliminate federal EV incentives. During his campaign, President-elect Trump committed to canceling these programs “on day one.” Although the final decision depends on Congress, experts caution that the program could face significant cuts.

The anticipated changes could impact Hyundai and Kia’s ability to offer these incentives. There are also concerns about more subtle actions, like limiting program access through tweaks to leasing benefits or restricting websites that explain eligibility. That means drivers need to act now to secure their savings.

Tax Credit Benefits

The Clean Vehicle Tax Credit is a valuable incentive for switching to electric vehicles. It offers savings of up to $7,500, significantly reducing the cost of an EV purchase. Starting in 2024, leasing options will be simplified, allowing dealers to apply the incentive as an upfront discount, making it even easier to afford. Choosing an electric vehicle also supports eco-friendly initiatives, helping protect the environment and align with sustainability goals. With the program’s future uncertain, now is the perfect time to take advantage of these savings before any policy changes occur.

How to Qualify

To access the federal EV tax credit, there are a few requirements to keep in mind. First, you’ll need to buy an eligible EV, so confirm that the specific model you’re purchasing qualifies, such as the Hyundai Ioniq 5 or Kia EV9. Second, ensure your annual income doesn’t exceed the thresholds set by the program. Finally, the vehicle must cost less than $80,000, which applies to most new EVs on the market. If navigating these rules seems challenging, there’s good news! Starting January 2024, the program will become more accessible through dealership discounts, making it easier than ever to claim your savings.

Why Wait? Make the Change to Electric Now!

If an EV has been on your wishlist, now is the best time to take the leap. With Hyundai and Kia investing heavily in U.S. manufacturing, their models not only qualify for full tax credits but also represent some of the most compelling and affordable EV options available today.

However, these incentives might not last forever with policy changes on the horizon. Waiting could mean missing out entirely on this favorable window to save.

Hyundai and Kia are reshaping the EV landscape with their innovative lineups, and the federal EV tax credit offers a tremendous opportunity to join the electric movement. Don’t wait—these benefits might not be around forever. Take advantage before potential regulation changes take effect and visit Steven Kia for your new Kia EV today! We offer a variety of eco-conscious vehicles from hybrids to full electric vehicles like the Kia EV9 featuring long driving range, breakthrough technology, and incredible towing. Join the electric future today at Steven Kia!