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GM Requests Reclassification of Cadillac Lyriq EV for Federal Tax Credit Eligibility

General Motors seeks a new classification for Cadillac Lyriq EV to receive federal tax credits.

Cadillac EV
Cadillac EV

General Motors has requested that the US Treasury reconsider the classification of the electric Cadillac Lyriq in order to qualify for federal tax credits. The current classification does not consider the Lyriq an SUV, meaning its retail price must be below $55,000 to be eligible for up to $7,500 in credits.

The Lyriq currently starts at $62,990. GM has suggested that the Treasury use criteria and processes similar to the Environmental Protection Agency and Energy Department in order to provide "consistency across existing federal policy and clarity for consumers."