Tesla Cybertruck, Hyundai & Kia EVs Now Qualify for US EV Tax Credit — But For How Long?

January 2, 2025January 3, 20252 days ago Zachary Shahan 0 Comments

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News has broken in the last couple of days that the Tesla Cybertruck is now eligible for the $7,500 US EV tax credit.

A very big BREAKING NEWS to now share! The Cybertruck now qualifies for the $7500 IRA credit as of today, January 1st 2025!https://t.co/qW09N2Qxwy pic.twitter.com/LQFpnuFFn2

— Greggertruck (@greggertruck) January 1, 2025

Additionally, electric vehicles from Hyundai, Kia, and Genesis now qualify for the full tax credit. That would be the Hyundai IONIQ 5, Hyundai IONIQ 9, Kia EV6, Kia EV6, and Genesis GV70 EV. This is in addition to EVs from Acura, Cadillac, Chevrolet, Ford, Honda, and Tesla. The Nissan LEAF, Rivian R1S, Rivian R1T, and Volkswagen ID.4, though, have been removed from the list of vehicles eligible for the tax credit.

Importantly, consumers can benefit from the tax credit for these vehicles as well as other EVs by leasing them. There’s a loophole there that has allowed the federal subsidy to be applied to any EV being leased.

Unfortunately, incoming president Donald Trump and co-president Elon Musk have said repeatedly that they’d happily remove the EV tax credit altogether. It’s widely assumed this will be one of the first actions Trump takes when he takes office later this month. So, you may just have a few weeks to take advantage of these tax credits. Shop wisely.

It should be noted that government subsidies for electric vehicles is popular across a large portion of the American public, as they have been for several years. “Public investments are also seen as critical by a majority of respondents with 67% saying that the government should provide purchase incentives for EVs, and 50% said they would not purchase an EV without the federal $7,500 tax credit,” Veloz writes.

“Just like gas and telecommunications companies continue to enjoy federal subsidies, new technology is boosted by government investment. It’s clear that Americans think that EV incentives should be provided by government to support access to clean transportation. The industry will miss out on at least 50% of potential EV purchases if we get rid of the federal EV tax credit,” Josh D. Boone, Veloz Executive Director, said.

Despite widespread support for EV subsidies, it does seem likely Trump and team will kill them. Don’t ask me how Elon Musk thinks this is fine and cool. I know what his arguments are, but they are not very good or adequately logical.

Screenshot at top courtesy of Veloz.