Audi of America, Kia and Porsche said buyers of its electric vehicles will lose access to federal tax credits of up to $7,500 once President Joe Biden signs a $430 billion climate, health and tax measure.

The legislation set to be approved by the U.S. House of Representatives on Friday "will have consequential impact on our business and to our consumers," Audi said.

The brand said only its plug-in hybrid models will retain its existing federal credit through the rest of the year.

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Biden's New Tax Plan Promotes Inequity By Eliminating EV Tax Credits For Audi, Kia And Porsche

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