The revised standards for EV tax credits follow lobbying by automakers that had pressed...
An electric Ford Mustang Mach-E 4X is shown displayed at the FLA Live Arena, Saturday, Jan. 28, 2023, in Sunrise, Fla.WASHINGTON — 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.
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 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.
The decision raises the retail price cap for tax credits to $80,000 for GM’s Cadillac Lyriq, Tesla’s five-seat Model Y, Volkswagen’s ID.4 and Ford’s Mustang Mach-E and Escape plug-in hybrid. Landrieu oversees federal spending on infrastructure, which includes financial help for the EV industry, while Podesta is Biden’s point man on implementing the climate law.
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Treasury makes more electric SUVs eligible for tax creditsThe 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
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