Sunday, April 14, 2024

All new Model 3 cars qualify for $7,500 EV tax credit in US: Tesla

Electric car-maker Tesla has announced that every new Model 3 vehicle now qualifies for $7,500 EV tax credit in the US.

With this, the starting price of a Tesla Model 3 — after federal tax credits — may once again be below the $35,000 mark.

Tesla’s website claimed every new Model 3 is eligible for the full $7,500 federal tax credit in the US.

The EV tax credits were mandated by the US Congress last year as part of the Inflation Reduction Act. The aims to cut dependency on China for batteries.

Tesla CEO Elon Musk retweeted a screenshot of the website that displays the tax credits available for each vehicle.

Tesla delivered a record 4,22,875 electric vehicles in the first quarter of 2023, beating the Wall Street estimates.

In the first quarter, the electric car-maker produced over 4,40,000 vehicles.

“We continued to transition towards a more even regional mix of vehicle builds, including Model S/X vehicles in transit to EMEA and APAC,” it said in a statement.

In the fourth quarter of 2022, Tesla delivered 4,05,278 and produced 4,39,701 units.

According to reports, a large percentage of deliveries came from vehicles produced in Shanghai gigafactory.

Tesla has adjusted the pricing for its electric vehicle in the US several times in the recent past.

The company has drastically lowered the prices of EVs across its lineup in the US and Europe, in an effort to boost sales as its stock plummeted more than 60 per cent earlier this year.

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