TL/DR –
Electric vehicle (EV) sales in the U.S. have slowed down after the repeal of the $7,500 federal tax credit in the Inflation Reduction Act. However, Hyundai still plans to continue its electrification strategy and has not backed down from producing hybrids, plug-in hybrids, battery electric vehicles, and soon, extended-range electric vehicles. Despite the decrease in sales, Hyundai has responded by reducing prices on its popular Ioniq 5 EV to make it more affordable and cater to the middle of the “innovation adoption curve”.
The future of electric vehicles (EVs) in the United States seems bleak as sales slow down due to the elimination of the $7,500 federal tax credit under the Inflation Reduction Act. The effect of the credit’s cancellation is clearly evident when examining the sales reports of different automakers.