U.S. Treasury Offers New Tax Credits for Electric SUVs

By Autogos Team

The U.S. Treasury Department announces revised vehicle classification definitions.

Tesla, Ford, General Motors and Volkswagen electric vehicles are now eligible for up to $7,500 in tax credits.

SUVs can be priced up to $80,000 to qualify, while cars, sedans, and wagons are limited to $55,000.

The decision raises the retail price cap to $80,000 for crossover SUVs.

 The Treasury will now use the "consumer-facing EPA Fuel Economy Labeling standard" to determine if a vehicle is a car or SUV.

Alliance for Automotive Innovation CEO John Bozzella praises the decision.

Tesla CEO Elon Musk had previously tweeted that the EV tax rules were "messed up".

The revised definition will apply to EV purchases since January 1st, 2023.