The United States revised its definition of car classification, and companies such as Tesla and Ford profited from it

On Friday, local time, the U.S. Treasury Department said that after revising the definition of car classification, it will make more Tesla, Ford Motors, General Motors and Volkswagen electric vehicles eligible for tax credits of up to $7,500. Under the $430 billion climate bill approved last August, SUVs can cost up to $80,000 to qualify for the EV tax credit, while cars, sedans and vans can only cost up to $55,000. The Treasury Department’s statement allows automakers to consider crossover SUVs eligible for credit. The decision raised the retail price cap for GM’s Cadillac Lyriq, Tesla’s five-seater Model Y, Volkswagen ID.4, Ford Mustang Mach-E and Escape plug-in hybrid from $55,000 to $80,000.

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