A Tax Loophole Makes EV Leasing a No-Brainer in the US

EV leasing has been on the rise since the US Department of the Treasury opened the loophole by characterizing leased EVs as commercial vehicles in December. Leases and rental cars—which also count as commercial vehicles—were 28% of Hyundai Motor Co.’s EV sales in the US during the first quarter, up from 5% in 2022, Choi Sang-mok, South Korea’s senior presidential secretary for economic affairs, said in April. In March the lease rate of the US EV market jumped to 34%, from 18% a year earlier, according to Edmunds data.

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Source: Bloomberg