The Biden Administration has changed its definition of an "SUV" to make more electric vehicles eligible for up to the full $7,500 in federal tax credits at higher prices. This change means certain vehicles that had previously not been considered SUVs because of their weight now have a retail price cap of $80,000, instead of the $55,000 limit for EV cars, sedans and wagons. When the updated guidance is issued in March, the following vehicles at all trim levels will now have an MSRP cap of $80,000:
- Audi Q5 PHEV
- Cadillac Lyric
- Ford Escape Plug In Hybrid
- Ford Mustang Mach-E
- Lincoln Corsair Plug In Hybrid
- Tesla Model Y
- Volkswagen ID.4
For more about this change, you can read this CNBC article and for a guide to the EV tax credits, you can visit Plug In America tax credits page.