The electric version of Genesis' 2023 GV70 crossover will be the first Hyundai Motor Group vehicle to qualify for the $7,500 federal EV credit under the Inflation Reduction Act, which allows eligibility to EVs assembled in North America that fall under a certain price.
This is significant for the Korean automaker because it was stung by the U.S. government's changes to the EV tax rules last year, which rendered its hot-selling EVs ineligible for the credit.
The new Genesis EV — called the Electrified GV70 — is also the luxury brand's first vehicle to be built in the U.S., and the first to be built outside South Korea.