In a move that will benefit EV buyers, the federal government has expanded eligibility for the revised electric vehicle tax credit. Automakers such as General Motors Co. and Stellantis NV had lobbied to include crossover SUVs in this expansion of incentives, which allow purchasers of vehicles up to $80,000 credits worth up to $7,500 - compared with nothing if passenger cars exceed $55,000 under the Inflation Reduction Act. To determine SUV qualification status, Treasury Department guidelines now incorporate EPA fuel economy labeling standards into their decision making criteria.

The US Treasury Department announced that the vehicles eligible for a federal tax credit have been broadened to include more types of crossovers. This will apply retroactively from January 1, meaning those who already purchased qualifying cars can get their credits as well!

General Motors and Tesla Inc.'s stocks reacted positively while Ford Motor Co., which recently reported weak earnings, was not so lucky – its stock dipped by 11%. According to the agency's statement, this move is meant "to align vehicle classifications with what consumers see on FuelEconomy.gov." What does this mean? Consumers now have access to an expanded set of viable electric options when it comes time for them pick up new wheels!

Automakers GM and Stellantis recently scored a major victory for electric vehicle (EV) fans with the ability to expand eligibility requirements for tax credits. This means that more than ever, luxury models such as Cadillac's Lyriq and Ford Motor Co.'s Mustang Mach-E can qualify alongside Tesla Inc.'s Model Y – which were previously considered cars rather than SUVs in terms of taxation. It also opens up doors elsewhere; taxes on Ford's Escape Plug-in Hybrid SUV or Volkswagen AG’s ID.4 could be reduced depending on how they fit into these new rules!

With the new EV tax credit decision, customers shopping for an electric crossover or SUV now have clearer choices and better access to discounts.