![]() ![]() That will be a boon to automakers such as Hyundai Motor Group, whose Hyundai and Kia brand EVs (the Hyundai Ioniq 5, Kona Electric and Kia EV6 and Niro EV crossovers, as well as the Niro PHEV and Hyundai Tucson and Santa Fe plug-in hybrids), are built in South Korea and aren’t tax credit eligible for those who prefer buying over leasing. Under the IRS’ guidance, clean vehicles of all types and weights-including large commercial-style trucks-are eligible, regardless of where they were assembled or how much they cost. Most of Hyundai and Kia’s production facilities are in Asia, which disqualifies the EV maker from federal tax credits. For those purchasing, the guidelines limit the gross weight of eligible clean vehicles to 14,000 pounds and cap the price to $55,000 for cars and $80,000 for vans, SUVs and pickups. Nor do they impose a weight limit or price cap on the vehicles or an earnings cap on lessees.Īs it stands, consumer rules govern consumer purchases, not leases. Unlike the rules relating to consumer purchases of clean vehicles, the commercial rules do not require clean vehicles to be assembled in North America-the U.S., Mexico or Canada-in order to be eligible for the credit.
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