Hyundai Motors has announced that the buyer will get as much as $7,500 in cash bonuses for it’s new electric-vehicle purchase in the U.S. As the New law of Inflation Reduction passed by the U.S. The President has changed some qualifying criteria of EVs in the U.S.
Hyundai has taken that strategic move to keep its cars competitive with the automakers qualifying for tax credit in the U.S. market. Company said the offer discounts will apply to the Ioniq 5, Ioniq 6 and Kona Electric. It is also on the website that this month-long incentive will last through January 31.
All these discounts will be offered by Hyundai to meet the required criteria under the clean vehicle tax credit program, which aims to encourage the domestic production of EVs and its components.
In the US market Hyundai and Kia are capturing the position of second-biggest EV maker behind the Tesla, said the reports by BloombergNEF. The brand sold a total of 69,259 battery powered vehicles in the US market in 2023. At present the brand doesn’t have any operational EV factory in the U.S. but is working on an Ev plant in Georgia that could start assembly as soon as the end of 2024.
At this time only few vehicles are eligible for the credits. However it is also speculative that the qualifying car models list may shrink further due to tough rules that are pushing the automakers to reduce their reliance on Chinese suppliers for parts.
