Hyundai Offers $7,500 Cash Bonus for EVs to Match US Tax Credits

Hyundai Motor Co. will give as much as $7,500 in cash bonuses for electric-vehicle buyers in the US, seeking to keep its cars competitive with automakers qualifying for tax credits under President Joe Biden’s Inflation Reduction Act.

The discounts apply to the Ioniq 5, Ioniq 6 and Kona Electric, and the month-long incentive will last through Jan. 31, according to the Korean automaker’s website. Hyundai’s EVs couldn’t meet the requirements under the clean vehicle tax credit program, which aims to encourage domestic production of EVs and components.

Without any operational EV factory in the US, Hyundai is building ...