The Hyundai Ioniq 9 is displayed during the Los Angeles Auto Show at the LA Convention Center in California, Nov. 21, 2024. EPA-Yonhap

Hyundai Motor Group's five electric vehicle (EV) models will be subject to the U.S. tax credit program for EV purchases this year for the first time, industry sources said Thursday.

According to the sources, purchasers of Hyundai and its sister Kia's five EV models — Ioniq 5, Ioniq 9, EV6, EV9 and Genesis GV70 — will be able to receive up to $7,500 in tax benefit, a key component of the Biden administration's so-called Inflation Reduction Act (IRA).

The IRA, signed into law by President Joe Biden in August 2022, offers tax credits to each buyer of a new EV that was assembled in North America and made with minerals mined and processed in the United States or countries and regions that have free trade agreements with Washington.

But the incoming Trump administration may end or scale down the tax benefit program.

With the tax credits offered to Hyundai's EV purchases, South Korea's top automaking group will get a further boost in selling EVs in the U.S.

In the first three quarters of last year, Hyundai and its sister Kia sold a combined 91,348 units in the U.S., up 30.3 percent from the same period a year earlier. (Yonhap)