The Genesis Electrified GV70 is the first and currently the only vehicle from the Korean car manufacturer that is eligible for the $7,500 federal EV tax credit introduced through the Inflation Reduction Act.
While the Electrified GV70 is not the company’s first EV, nor is it based on a ground-up EV platform like the smaller GV60, it is the brand’s first model to be manufactured in the United States and is currently being built at the automaker’s factory in Montgomery, Alabama.
A key requirement for vehicles to be eligible for the revised tax credit is that they be built in North America. The GV60 had been eligible for the previous tax credit for a brief time but does not meet new requirements, nor does the Electrified G80.
Read: 2023 Genesis Electrified GV70 Priced From $65,850 Or $11k More Than V6
Auto News notes that details of the sources of battery materials for the Electrified GV70 still need to be determined and that these will influence just how much of the tax credit it is eligible for. Additionally, the income of buyers will impact whether or not the credits can be applied.
Genesis recently announced that U.S. pricing for the Electrified GV70 kicks off from $65,850 for the Advanced AWD. Key features of this model include a panoramic sunroof, heated and ventilated front seats, a wireless device charge, a fingerprint authentication system, and vehicle-to-load charging.
A more feature-rich version is also available. Dubbed the Prestige AWD, it is available from $72,650 and comes loaded with features including Nappa leather seats, a leatherette-wrapped upper instrumental panel, microfiber suede headliner, and a 12.3-inch digital instrument cluster.
All versions of the Electrified GV70 are powered by a pair of electric motors combining to produce 429 hp and 516 lb-ft (700 Nm) of torque but peak power can jump to 483 hp with the Boost mode function enabled. Found beneath the skin of the SUV is a 77.4 kWh battery pack.
