$7,500 EV Tax Credit at Risk as Hyundai, Kia Models Finally Qualify

Image of an EV6 model outside a Kia dealership.

Some news in the EV market: Hyundai Motor Group, which includes the Kia and Genesis brands, has models that now qualify for the $7,500 federal electric vehicle tax credit.

The EV tax credit, a key component of President Biden's signature Inflation Reduction Act (IRA), has become a popular incentive for consumers interested in switching to electric vehicles. While some industry manufacturers, like Tesla, have had various models on and off the official list of eligible vehicles, this is the first time since the IRA was enacted that the Korean automakers' EVs qualify for the incentive.