South Korean, European EVs secure U.S. tax credits via lease loophole

WASHINGTON — The ratio of leases among electric vehicle sales in the U.S. has risen as high as 90% for some models, as overseas automakers take advantage of a loophole that allows some foreign-made cars to receive the same tax credits as those assembled in America.

South Korea’s Hyundai Motor and Germany’s BMW are both offering a $7,500 lease “bonus” or “credit” when leasing a new EV in the U.S., even though their vehicles are not assembled in North America.