Hyundai's EVs did not initially meet the requirements for the clean vehicle tax credit program, designed to promote domestic production of EVs and components.

The cash bonuses are applicable to the Ioniq 5, Ioniq 6, and Kona Electric, with the incentive lasting through Jan. 31, as stated on Hyundai’s website.

Hyundai's EVs did not initially meet the requirements for the clean vehicle tax credit program, designed to promote domestic production of EVs and components.

Currently lacking an operational EV factory in the US, Hyundai plans to build one in Georgia, with assembly potentially starting by the end of 2024.

In 2023, Hyundai and affiliate Kia sold a total of 69,259 battery-powered vehicles in the US, making them the second-biggest EV maker after Tesla, according to BloombergNEF.

The article mentions that only a few vehicles qualify for tax credits, and the list may further shrink due to stringent rules encouraging automakers to reduce reliance on Chinese suppliers for parts.

The Biden administration aims to boost the American industry, shift away from fossil fuels, and reduce dependence on supply chains vulnerable to China, aligning with national security objectives outlined in the Inflation Reduction Act.