Hyundai Matches US Tax Credits With $7,500 Cash Bonus For EVs
To keep Hyundai’s EV cars competitive in the global car market, with all EV manufacturers company qualifying for significant tax credits under US President Joe Biden’s Inflation Reduction Act, Korean automaker Hyundai Motor has announced a cash bonus of up to US $ 7,500 to buyers purchasing electric cars of its lineup in the US.
According to the official website of Korean automaker Hyundai, the cash bonus discount of US $ 7,500 is going to be applicable only on Ioniq 5, Ioniq 6 as well as Kona Electric EV cars till the last date of January 31st.
Hyundai Motor Company’s EV cars were not able to meet all the requirements under the Clean Vehicle Tax Credit Program, even though the main objective of the Clean Vehicle Tax Credit Program was to primarily encourage domestic production of all components of Hyundai EVs.
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Despite not having any operational factory in the US, Korean automaker Hyundai has been building an EV factory in Georgia city of America for a long time, due to which the Hyundai Motor factory can start its assembly by the last month of the year 2024.
Hyundai Motor and Hyundai’s subsidiary automaker Kia Motor have sold sixty-nine thousand two hundred sixty-nine battery-powered vehicles in the US in the year 2023. According to BloombergNEF report, America’s largest EV vehicle manufacturers after Tesla Inc. are Hyundai Motor and Kia Motor.
Although some of Hyundai Motor Co.’s EV vehicles have qualified for the tax credit, all automakers in the U.S. are facing tougher regulations due to the Biden administration forcing automakers to reduce their reliance on Chinese suppliers for EV parts. The list of all eligible car EV models is even narrower for the tax credit.
To bring the US economy back on track, the Biden administration is making all-out efforts to revolutionize American industries with EV vehicles by rejecting fossil fuel vehicles.
The IRA is also contracting with an important national security objective: the United States wants to make as many efforts as possible to free the United States and all its partners from China’s dependence on supply chains, Because America has been considering dangerous countries like China as the most vulnerable to dependence.
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