The Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions
The revised standards for EV tax credits follow lobbying by automakers that had pressed the Biden administration to change vehicle definitions to allow higher priced vehicles to qualify. Tesla CEOUnder the sweeping climate law approved last summer,
Ford and market leader Tesla both said in recent weeks that they are cutting prices on some EVs, in part to qualify for the new federal tax credit and spur buyer interest.the Inflation Reduction Act, which Congress approved in August The Treasury Department said Friday that it hopes to make it easier for consumers to know which vehicles qualify for the credit. Under the revised rule, vehicle classifications will be determined by a consumer-facing fuel economy labeling standard, rather than a more complicated formula set by the Environmental Protection Agency, Treasury said.
GM had publicly asked Treasury to reconsider classification of the Lyriq — which starts at about $63,000 — to allow it to qualify for federal tax credits. “I think it’s important that his team, senior members of his team, had a meeting with Elon Musk,” Jean-Pierre said last week.
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