Government tax credits for electric vehicles expired Oct. 1 after Congress voted to end the program years ahead of schedule.

The program, intended to boost production of electric vehicles made in the U.S., awarded $7,500 tax credits to individuals making less than $150,000 a year, or couples filing jointly who made up to $300,000 a year. The credits were expanded in 2022 under a Democratic-controlled Congress and signed by President Joe Biden.

The program was slated to run through 2032.

But with the program coming to an abrupt end, electric vehicle makers now have to decide how to price vehicles that had been sold with $7,500 subsidies.

Hyundai lowering prices

Hyundai said it will lower the MSRP of the Ioniq 5 by up to $10,000 for 2026 models and continue offering a $7,500 cash incent

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