Hyundai Motor Group's 5 Electric Vehicle Models Included in This Year's US IRA Subsidy Program

Five electric vehicle models from Hyundai Motor Group are expected to receive subsidies (consumer tax credits) of up to $7,500 under the U.S. Inflation Reduction Act (IRA).

According to the U.S. Department of Energy on the 2nd, Hyundai's Ioniq 5 and Ioniq 9, Kia's EV6 and EV9, and Genesis GV70 electrified models are included in this year's IRA benefits.

The IRA provides subsidies only for electric vehicles that meet origin requirements for batteries and critical minerals and are manufactured in the United States.

It is interpreted that Hyundai Motor Group's start of operations last October at the electric vehicle-only plant in Georgia, USA, 'Hyundai Motor Group Meta Plant America (HMGMA),' influenced this inclusion.

This is effectively the first year that Hyundai Motor Group models have been included. The GV70 briefly received subsidy benefits last year but was excluded after detailed guidelines were announced in April of last year.

If subsidies are granted, Hyundai Motor Group's competitiveness in the U.S. market is expected to improve further.

Hyundai and Kia sold a total of 91,348 electric vehicles in the U.S. through the third quarter of last year, a 30.3% increase compared to 70,111 units sold during the same period.

However, the possibility of the IRA being abolished or drastically reduced with the inauguration of a second Trump administration is considered a variable.