Hyundai and Kia score big with their EVs now eligible for $7,500 tax credit

zohaibahd

zohaibahd

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In context: Hyundai is kicking off 2025 on a high note, as several of its electric vehicles now qualify for the $7,500 federal tax credit under the Inflation Reduction Act. This is the first time that the company has been eligible since the act passed in 2022, marking a big win as the US accelerates its transition to electric vehicles.

Five models have made the cut to receive the tax credit incentive. These include the popular Hyundai Ioniq 5 crossover SUV, the new Ioniq 9 three-row electric SUV, the Kia EV9, and 2025 EV6 models, as well as the Electrified GV70 from Hyundai's luxury brand Genesis.

With these new models, there are now a total of 25 EVs across 10 brands that qualify for the federal credit, as reported by Electrek.

The qualification should serve as a major boost for Hyundai since it had to play catch up after being left out of the credit initially. The company was aware of the difference $7,500 would make – it fast-tracked the construction of its Georgia plant in just two years to start US production and meet the requirements laid out in the Inflation Reduction Act.

The first EV off the line at the new facility was the upgraded 2025 Ioniq 5, which boasts more range, new tech features, and improved styling over the prior model. It even comes with a built-in port for Tesla's Supercharger network. The Ioniq 9 three-row followed shortly after as Hyundai ramped up mass production.

On the pricing front, the base 2025 Ioniq 5 SE with rear-wheel drive starts at $42,500, offering a range of up to 245 miles. For $46,550, buyers can opt for the long-range version, which extends the range to 318 miles per charge.

As an added bonus, Hyundai is providing a free adapter to enable access to Tesla's Supercharger network for anyone purchasing or leasing one of its 2025 EVs. Owners of older Hyundai EV models from 2024 or earlier can also request the adapter.

While this is undoubtedly positive news for Hyundai, a potential challenge looms on the horizon. Reports suggest that Donald Trump's incoming administration may consider eliminating the EV tax credit entirely. However, for now, Hyundai is riding a wave of momentum.

Together with Kia, Hyundai sold over 112,500 EVs in the U.S. through November of last year. With the added incentive of the federal tax credit, these numbers are poised to climb even higher in 2025.

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Hyundai and Kia score big with their EVs now eligible for $7,500 tax credit

 
Why are we subsidizing electric cars and charging stations? Why give a subsidy if it's going to be mandatory to buy an electric car anyways? Really.....does that make any sense? We're already almost 37 trillion dollars in debt, and that's trillion with a T. So basically we're just borrowing money to give subsidies, giving free money away on money we borrowed, which will just put us more in debt. Did the government subsidize Ford when the first Model T rolled off the assembly line in 1913? No. Did the government give a credit to people buying a Model T? No. The market decided whether the car would be successful or not. Government is not in the business of creating industry, no less they can't do anything efficiently.
 
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GABulldog said:
Why are we subsidizing electric cars and charging stations? Why give a subsidy if it's going to be mandatory to buy an electric car anyways? Really.....does that make any sense? We're already almost 37 trillion dollars in debt, and that's trillion with a T. So basically we're just borrowing money to give subsidies, giving free money away on money we borrowed, which will just put us more in debt. Did the government subsidize Ford when the first Model T rolled off the assembly line in 1913? No. Did the government give a credit to people buying a Model T? No. The market decided whether the car would be successful or not. Government is not in the business of creating industry, no less they can't do anything efficiently.
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First of all, buying electric cars is not going to be mandatory anytime soon (if ever), so stop spreading that nonsense. Second, don't worry I'm sure man-baby Musk will throw a tantrum about this and fellate the Orange King until the subsidy is canceled.

PS. - If you're worried about the national debt, then the next 4 years will be pretty rough for you. The incoming administration will run up the deficit and debt like there's no tomorrow.
 
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You mean the $7500 tax credit that will disappear in the next few days? End of last week Tesla announced a $7500 price cut on their EVs, so I am sure they have been told the tax break is getting killed.
 
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Good for us, making them in the US, now can we deal with the whole "huyndai/kia charge more then a car for a replacement battery" thing? Batteries failing at just over 100k miles makes these very expensive disposable toys.
GABulldog said:
Why are we subsidizing electric cars and charging stations? Why give a subsidy if it's going to be mandatory to buy an electric car anyways? Really.....does that make any sense? We're already almost 37 trillion dollars in debt, and that's trillion with a T. So basically we're just borrowing money to give subsidies, giving free money away on money we borrowed, which will just put us more in debt. Did the government subsidize Ford when the first Model T rolled off the assembly line in 1913? No. Did the government give a credit to people buying a Model T? No. The market decided whether the car would be successful or not. Government is not in the business of creating industry, no less they can't do anything efficiently.
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Last year the fossil fuel industry received over $7 TRILLION in subsidies.

www.imf.org

Fossil Fuel Subsidies Surged to Record $7 Trillion

Scaling back subsidies would reduce air pollution, generate revenue, and make a major contribution to slowing climate change
www.imf.org

Let's not pretend like gasoline has been fighting on a level playing field the last 100 years.
Kashim said:
First of all, buying electric cars is not going to be mandatory anytime soon (if ever), so stop spreading that nonsense. Second, don't worry I'm sure man-baby Musk will throw a tantrum about this and fellate the Orange King until the subsidy is canceled.

PS. - If you're worried about the national debt, then the next 4 years will be pretty rough for you. The incoming administration will run up the deficit and debt like there's no tomorrow.
Click to expand...
They will be mandatory. In case you've been sleeping under a particularly dense pebble, 2035 is the cutoff for ICE vehicle sales, and the EPA's emission fines are looking to make 2030 the actual cutoff date by making ICE nearly impossible to build with any sort of profit margin.

And for the record, EVERY administration since Clintion has been racking up debt. This includes your patron saint Obama. So lets not make this a "muh conservatives" TDS fueled rant, OK?
 
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Theinsanegamer said:
And for the record, EVERY administration since Clintion has been racking up debt. This includes your patron saint Obama. So lets not make this a "muh conservatives" TDS fueled rant, OK?
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We know this. And only make it a conservatives thing because the conservatives make such a big deal about reducing the deficit until they are in office, then any debt reduction goes out the window. So, in your own words you say every aministration since Clinton has been racking up debt, that includes Republicans, and especially includes Trump ($8 Trillion in debt). It only gets bought up because of the sheer hypocrisy that it is.
 
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Kashim said:
PS. - If you're worried about the national debt, then the next 4 years will be pretty rough for you. The incoming administration will run up the deficit and debt like there's no tomorrow.
Click to expand...
Unlike the fiscally conservative last 4 years? Are you serious?

Every President and Congress (Democrat or Republican) has spent more than the one before. It is an endless upward trend. They both (Ds and Rs) spent even more during covid to keep the economy from imploding after shutting much of it down, but hopefully that never happens again.

Even this "Inflation Reduction" Act was just more spending (mostly on "green" tech that donated a lot to the Biden campaign). But they also spent money hiring 80,000 IRS agents which -in theory- will allow the IRS to collect more taxes which will offset the additional spending in the bill which then reduces the deficit a bit and therefore will reduce inflation from printing more money to cover the spending. You can't make this stuff up. Google it if you don't believe me.

Federal budget graphs: https://usafacts.org/state-of-the-union/budget/
$18,406 spending per person in 2023 (including children and other non-working people)
$13,341 revenue per person in 2023
 
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GABulldog said:
Why are we subsidizing electric cars and charging stations? Why give a subsidy if it's going to be mandatory to buy an electric car anyways? Really.....does that make any sense? We're already almost 37 trillion dollars in debt, and that's trillion with a T. So basically we're just borrowing money to give subsidies, giving free money away on money we borrowed, which will just put us more in debt. Did the government subsidize Ford when the first Model T rolled off the assembly line in 1913? No. Did the government give a credit to people buying a Model T? No. The market decided whether the car would be successful or not. Government is not in the business of creating industry, no less they can't do anything efficiently.
Click to expand...
It's called "money laundering," but it's ok 'cause the gov't is doing it.
 
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GABulldog said:
Why are we subsidizing electric cars and charging stations? Why give a subsidy if it's going to be mandatory to buy an electric car anyways? Really.....does that make any sense? We're already almost 37 trillion dollars in debt, and that's trillion with a T. So basically we're just borrowing money to give subsidies, giving free money away on money we borrowed, which will just put us more in debt. Did the government subsidize Ford when the first Model T rolled off the assembly line in 1913? No. Did the government give a credit to people buying a Model T? No. The market decided whether the car would be successful or not. Government is not in the business of creating industry, no less they can't do anything efficiently.
Click to expand...
I do not mind EV credit alone as I do giving mone to people who do not need help, not this category. If this money was available to improve something, it should all gone toward doing something with making rent and homes more affordable.
 
Kashim said:
First of all, buying electric cars is not going to be mandatory anytime soon (if ever), so stop spreading that nonsense. Second, don't worry I'm sure man-baby Musk will throw a tantrum about this and fellate the Orange King until the subsidy is canceled.

PS. - If you're worried about the national debt, then the next 4 years will be pretty rough for you. The incoming administration will run up the deficit and debt like there's no tomorrow.
Click to expand...
I understand that you dislike Trump greatly, but it would be only fair to accept that all presidents in the last 12+ years spent like there is no tomorrow. We do not have responsible adults, people who are desprately needed to deal with this threat.
 
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ScottSoapbox said:
Unlike the fiscally conservative last 4 years? Are you serious?

Every President and Congress (Democrat or Republican) has spent more than the one before. It is an endless upward trend. They both (Ds and Rs) spent even more during covid to keep the economy from imploding after shutting much of it down, but hopefully that never happens again.

Even this "Inflation Reduction" Act was just more spending (mostly on "green" tech that donated a lot to the Biden campaign). But they also spent money hiring 80,000 IRS agents which -in theory- will allow the IRS to collect more taxes which will offset the additional spending in the bill which then reduces the deficit a bit and therefore will reduce inflation from printing more money to cover the spending. You can't make this stuff up. Google it if you don't believe me.

Federal budget graphs: https://usafacts.org/state-of-the-union/budget/
$18,406 spending per person in 2023 (including children and other non-working people)
$13,341 revenue per person in 2023
Click to expand...
The National Debt is a huge problem, no doubt. However, this country has much more serious, and immediate problems that need to be dealt with... Thank God, Trump will be back in the Oval Office!!
 
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Imagine borrowing money to buy something as butt ugly as the Ioniq 9. KIA and Hyundai have lost the plot with EV's. Only Ioniq 5 is decent looking.
 
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Win7user said:
The National Debt is a huge problem, no doubt. However, this country has much more serious, and immediate problems that need to be dealt with... Thank God, Trump will be back in the Oval Office!!
Click to expand...
The national deficit and debt are the cause of inflation (printing money to cover it devalues the dollar) so it is a serious and immediate problem. Easily top 3 of our problems as a country. Inflation is crushing the middle class and it's only going to get worse.

Illegal immigration and spending hundreds of billions on other countries' wars round out the top 3.
 
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Anybody else notice how every time our *****ic western governments and municipalities implement these moronic tax/green credits, soon after, the price of whatever is subsidized increases by at least the amount subsidized if not more? It's not just EVs, hybrid (heat pump) water heaters have doubled or even tripled in price over the last 5-10 years as a result of utility companies offering to subsidize 30-40% of their cost. They've gone from roughly $1200-1500 to $2500-3500, while traditional water heaters have held steady around $400-600.

It's almost like creating an artificial demand is unnaturally raising the price of these vehicles. And when these EVs predictably become too expensive for the lower classes, you end up with a system that subsidizes the upper classes' lifestyles.

Imagine that... An electric drivetrain, which is a handful of moving components, winds up more expensive than an ICE drivetrain, which is hundreds if not thousands of moving components...
 
opckieran said:
Anybody else notice how every time our *****ic western governments and municipalities implement these moronic tax/green credits, soon after, the price of whatever is subsidized increases by at least the amount subsidized if not more? It's not just EVs, hybrid (heat pump) water heaters have doubled or even tripled in price over the last 5-10 years as a result of utility companies offering to subsidize 30-40% of their cost. They've gone from roughly $1200-1500 to $2500-3500, while traditional water heaters have held steady around $400-600.

It's almost like creating an artificial demand is unnaturally raising the price of these vehicles. And when these EVs predictably become too expensive for the lower classes, you end up with a system that subsidizes the upper classes' lifestyles.

Imagine that... An electric drivetrain, which is a handful of moving components, winds up more expensive than an ICE drivetrain, which is hundreds if not thousands of moving components...
Click to expand...
Companies want to sell products as close to their value to the customer as possible to maximize profit. I mean if people will buy a taco for $6 why sell it for $2?

Subsidizes always raise prices for products that are already selling. Sub the above taco $3 and now the company can set the price at $9 because it knows customers will pay $6 for it after the government pays $3. So the result is a transfer of taxpayer money to company profits rather than the cheaper goods promised/predicted.

It is more complicated for products not selling because an existing product provides a similar customer value for less (e.g., EV vs gas). These subs unfairly prop up products that wouldn't survive in the market. Equally as bad for the economy but more complicated than I will get into on blog comment.
 
GABulldog said:
Why are we subsidizing electric cars and charging stations? Why give a subsidy if it's going to be mandatory to buy an electric car anyways? Really.....does that make any sense? We're already almost 37 trillion dollars in debt, and that's trillion with a T. So basically we're just borrowing money to give subsidies, giving free money away on money we borrowed, which will just put us more in debt. Did the government subsidize Ford when the first Model T rolled off the assembly line in 1913? No. Did the government give a credit to people buying a Model T? No. The market decided whether the car would be successful or not. Government is not in the business of creating industry, no less they can't do anything efficiently.
Click to expand...

It's to help solve the bootstrapping problem. People won't buy EVs unless enough charging infrastructure exists. People won't build charging stations unless there are enough EVs in use to justify the investment.

The fact remains: we must get fossil fuel vehicles off our roads to protect the environment. But as is typical in the early days of a new technology, EVs are more costly than what they replace. To make the transition happen, we have two choices: either make EVs less costly, or make ICE vehicles more costly to buy and operate, including fuel prices that reflect their environmental impact.

Doing the latter is a non-starter; people have opposed modest increases to the gas tax, they would openly riot if a tax of $5/gallon or more were to be proposed. The alternative is to subsidize EVs until they reach sufficient production volume to be competitive with or cheaper to buy and operate than ICE vehicles, which will eventually happen because of their mechanical simplicity. Companies in China are already approaching that point, but the US government has chosen to not allow their cars in.
 
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