The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits.
The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits. The Lyriq currently starts at $62,990. SUVs can be priced at up to $80,000 to qualify, while cars, sedans and wagons can only be priced at up to $55,000.
"We are addressing these concerns with Treasury and hope that forthcoming guidance on vehicle classifications will provide the needed clarity to consumers andGM said Treasury should use criteria and processes similar to theand Energy Department."This drives consistency across existing federal policy and clarity for consumers."
GM delivered just 122 U.S. Lyriq vehicles in 2022. A Treasury spokesperson defended the classifications, saying the agency used
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