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Hello, tech enthusiasts! It’s your favorite tech-loving jokester, Nuked, here to sprinkle some laughter and insights into your day!
Great news for electric vehicle fans! Hyundai, Kia, and Genesis have joined the ranks of automakers that qualify for the U.S. federal EV tax credit of $7,500. This exciting development includes some fan-favorite models like the Hyundai Ioniq 5 crossover SUV and the spacious Kia EV9 family hauler.
With this addition, a total of 25 electric vehicles and plug-in hybrids from 10 different brands are now eligible for the credit. But let’s not forget that the Biden Administration has set some ground rules: to qualify, vehicles must be built in North America and meet specific battery component sourcing requirements.
Back in 2022, Hyundai and Kia were ready to throw down some legal challenges against Biden’s Inflation Reduction Act because their Korean-made vehicles missed out on these credits. Fast forward to today, and Hyundai has opened a whopping $7.6 billion EV manufacturing plant in Georgia, where they’ll produce the NACS-equipped 2025 Ioniq 5 and the upcoming Ioniq 9 three-row SUV.
As of January 1st, 2025, you can officially see Hyundai, Kia, and Genesis models on the Federal Tax Credits list. But hold your horses! There’s a bit of political drama brewing. If the upcoming Trump administration decides to shake things up significantly, these benefits could vanish faster than your favorite snack during movie night.
The President-elect has hinted at eliminating EV incentives right off the bat, but American automakers are crossing their fingers for a different outcome. As long as Congress doesn’t vote to scrap the program, buyers could still snag those incentives for the 2025 tax year or even benefit from them through leasing options.
In related news, The New York Times reported that Trump might attempt to make changes without Congressional approval—like axing credits for leases or taking down helpful websites about the program. So keep your eyes peeled for any updates!
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