The U.S. Treasury Department said Friday it will make more Tesla , Ford Motor , General Motors and Volkswagen electric vehicles eligible for up to $7,500 tax credits after it revised its vehicle classification definitions.
electric vehicles eligible for up to $7,500 tax credits after it revised its vehicle classification definitions.
The move is a win for Tesla, GM, Ford and other automakers which had pressed the Biden administration to change the vehicle definitions. Under the $430 billion climate bill approved in August, SUVs can be priced at up to $80,000 to qualify for EV tax credits, while cars, sedans and wagons can only be priced at up to $55,000.
The decision raises the retail price cap to $80,000 from $55,000 for GM's Cadillac Lyriq, Tesla's five-seat Model Y, Volkswagen's ID.4, the Ford Mustang Mach-E and Escape Plug-in Hybrid. Only one version of the VW 1D.4 had been considered an SUV. Treasury had said in December it would use Environmental Protection Agency CAFE standards to determine whether a vehicle was a car or SUV for EV tax credit purposes but said Friday it will now use the "consumer-facing EPA Fuel Economy Labeling standard ... this change will allow crossover vehicles that share similar features to be treated consistently."
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