More Tesla, GM, Ford EVs Qualify For Tax Credit

[Vernon]

The United States Treasury Department revised its vehicle classification definitions on Friday, February 3, 2023. The move will see more electric vehicles from Tesla, General Motors, Ford Motor, and Volkswagen qualify for up to $7,500 of the federal tax credit. The reclassification is a win for EV makers that have pushed for the Biden administration … (read full article...)

 

[Voltaiz]

The U.S. Treasury Department updated the vehicle classification standard, revising a definition that determines which EVs are eligible for clean vehicle tax credits available under the Inflation Reduction Act. This reworked law, now called the Clean Vehicle Credit, includes a reduced $4,000 credit for used EVs and adds other clean vehicles in the mix, such as “qualified fuel cell vehicles.” This meant that vehicle models like the Cadillac Lyric, which starts at $62,990, as well as the Ford Mustang Mach-E priced between $45,995 and $63,995, now qualify for the $7,500 EV tax credit. Other vehicles that now qualify includes the five-seater Tesla Model Y.