The Ioniq 5 is once more qualified for the $7,500 tax credit.
2025 Hyundai Ioniq 5
Hyundai
Following a brief and confusing hiatus, the Hyundai Ioniq 5 is now once again eligible for the full $7,500 federal tax credit—and this time, it seems to be here to stay (at least for the moment). So, what led to this change? Let’s break it down.
The Ioniq 5, an elegant and technologically advanced electric crossover, initially gained attention not only for its design but also for being manufactured at Hyundai’s newly established Metaplant in Georgia. This domestic production qualified it for the EV tax credit under the Inflation Reduction Act (IRA), which mandates that vehicles be assembled in North America with batteries sourced from countries with favorable trade agreements. However, at the start of 2025, the Ioniq 5 disappeared from the eligibility list. Why? This was likely due to its battery packs, which were still being sourced from SK On's facility in Hungary.
During this interim period, the only method to access the $7,500 incentive was through leasing the vehicle—thanks to a legal loophole that categorizes leased EVs as “commercial vehicles,” thus bypassing the stringent sourcing requirements. Hyundai even provided a $7,500 discount for those purchasing or financing the vehicle outright to cushion the impact.
As of late April 2025, the Ioniq 5 has officially returned to the EPA’s eligibility list, attributed to Hyundai redirecting its battery sourcing to SK On’s factory in Georgia. This change allows buyers to receive the tax credit upfront at the time of purchase—no leasing necessary.
Just ensure you qualify: Your adjusted gross income must not exceed $300,000 (for joint filers), $225,000 (for heads of household), or $150,000 (for individuals). Moreover, the vehicle’s MSRP must be below $80,000—which is not an issue since the Ioniq 5 is priced between $44,075 and $56,975.
So, if you’ve been considering the Ioniq 5, now is an excellent time to charge up.
Nick Godt has been covering global business news across three continents for over 25 years.
Want to lease an EV? The Hyundai Ioniq 5 is surprisingly affordable right now
The Hyundai Ioniq 5 has long been a favorite among electric vehicles, thanks to its distinctive and stylish design, impressive range and charging speed, and competitive pricing. However, that price is even more attractive than you may realize—if you're open to leasing it.
Current Offers
Hyundai has been quite proactive in getting Ioniq 5 units into customers' hands, and as of this writing, a lease can be had for as low as $219 per month for 36 months, with $3,486.45 due at signing. Over the lease term, this comes out to approximately $315.85 per month. That's quite reasonable. This offer is for the entry-level Ioniq 5 SE.
To be fair, this leasing deal is set to expire on July 1, the date of this article. However, it’s not an isolated offer—Hyundai has consistently provided the Ioniq 5 at very competitive prices. As Electrek notes, this lease rate is even lower than that of the Nissan Versa, currently the most affordable car to purchase in America.
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The Ioniq 5 is once more qualified for the $7,500 tax credit.
The Hyundai Ioniq 5 is again qualified for the complete federal tax credit of $7,500.