Hyundai Motor is stepping up EV promotions in the U.S. market, offering discounts of up to $10,000 and 72-month zero-interest instalment plans on models including the Ioniq 5 and Ioniq 9. The strategy is seen as aimed at countering higher price burdens after tax credits ended and intensifying competition.

On June 22, EV outlet Electrek reported that Hyundai Motor has sharply lowered purchase and lease terms for major EV models in the U.S. market this month.

The biggest benefits apply to the three-row electric sport utility vehicle Ioniq 9. Hyundai Motor is offering Ioniq 9 buyers either discounts worth up to $10,000, or a choice between 72-month zero-interest financing and an additional $3,000 discount.

The Ioniq 9 starts at about $60,000, but with a lease program it can be used from $369 per month. The outlet said the monthly payment is lower than for the Santa Fe Hybrid sold in the U.S. market.

The Ioniq 5 is also included in aggressive promotions. Hyundai Motor is providing additional benefits worth $7,000 across all Ioniq 5 trims, and is also applying 72-month zero-interest financing and an additional $1,000 discount. On a lease basis, the Ioniq 5 Standard Range SE can be used from $259 per month. Under U.S. Environmental Protection Agency standards, the model has a range of 245 miles, or about 394 km. At $269 per month, buyers can also choose the 2026 Ioniq 5 SE rear-wheel-drive model with a range of up to 318 miles, or about 511 km.

The Ioniq 6 is also discounted. Hyundai Motor is offering up to $7,500 off the Ioniq 6 and a lease program starting at $239 per month. In the U.S. market, it plans to scale back sales of the base model and reorganise the lineup around the high-performance Ioniq 6 N.

Hyundai Motor's aggressive pricing policy comes as U.S. EV tax credits have ended. After a federal tax credit worth $7,500 ended in September last year, Hyundai Motor cut prices of some models by close to $10,000 to maintain competitiveness. The latest promotion is an extension of that approach.

Hyundai Motor is also running separate promotions in South Korea. Hyundai Capital, Hyundai Motor's financial affiliate, is offering discounts of up to 7 percent on the Ioniq 5 and Ioniq 6, and up to 5 percent on the Kia EV6 and EV9.

Market competition is also intensifying. Earlier this month, Hyundai Motor launched a partially updated 2027 Ioniq 5 model in South Korea at a lower price. Tesla Model Y Juniper was cited as a new competing model. In the United States, new EV launches such as the Rivian R2 have been foreshadowed.

The industry sees Hyundai Motor as moving to defend market share by emphasising financing terms and price competitiveness as well as performance competition. The Ioniq 5 was selected as the top EV in Kelley Blue Book's "2026 Best Buy Awards" earlier this year.

Experts are watching whether Hyundai Motor can sustain sales growth in the U.S. EV market through pricing policy amid a gap in tax credits and the emergence of new competing models.