Buyers who purchase Audi's electric vehicles in the U.S. will lose access to federal tax credits of up to $7,500 once President Joe Biden signs the new $430 billion climate, health and tax bill into law.

The Volkswagen AG unit said only the Audi plug-in hybrid electric will retain its existing federal credit through the rest of the year. Audi said 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."