Treasury makes more electric SUVs eligible for tax credits

WASHINGTON (AP) – 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 CEO Elon Musk met with top aides to President Joe Biden last week to discuss the EV industry.

Under the sweeping climate law approved last year, pickup trucks, SUVs and vans with a sticker price up to $80,000 qualify for EV tax credits, while new electric cars and sedans can only be priced up to $55,000.

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