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Hyundai Offers $7,500 EV Discount – $10,000 for Some

Hyundai vehicles don’t qualify for the federal government’s $7,500 electric vehicle (EV) tax credit. But the company will lower the price of many of its EVs by that figure, anyway.

Hyundai is offering cash bonuses as high as $7,500 to some electric car buyers in the U.S. The move should help make Hyundai  EVs competitive with those that qualify for the tax credit – a short list now that tougher domestic supply chain requirements have kicked in for 2024.

2024 Hyundai Ioniq 5

The discount applies to three Hyundai EVs:

  • The Ioniq 5 – a compact SUV with a distinctive angular look, an unusually spacious cabin, and a range of up to 303 miles. Our expert test driver called it “an excellent EV with a long range, advanced tech features, and the best warranty in its class.”
  • The Ioniq 6 – a unique-looking curvy midsize sedan sharing the same basic parts and similar specifications. Our critic found it “a delight to drive,” with a design scheme that is “futuristic without being too weird.”
  • The Kona Electric – a compact SUV completely redesigned for 2024, with a starting price under $35,000 and a range of up to 261 miles. In our tests, we liked its roomy interior, updated technology, and two electric powertrain offerings.
2024 Hyundai Kona Electric in the trees.

Some buyers can qualify for $2,500 in additional discounts if they trade in what Hyundai considers a “competitive vehicle.” The company hasn’t shared a list of qualifying cars, though we’ll update this story if they do.

Hyundai currently builds all its EVs outside the U.S. But the company is in the process of constructing a large EV factory in Georgia. Future Hyundai EVs may qualify for the federal discount once that factory opens.

Related: With New Law, Automakers Moving Electric Car Production to US

The discounts expire on Jan. 31.

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