Tesla Model 3 now qualifies for Full $7,500 Federal EV Tax Credit
Tesla Model 3 has been the talk of the town for a long time now, and the news is that new Model 3 vehicles from Tesla will now qualify for the full $7,500 federal EV tax credit. This significant news comes after a change on Tesla’s website.
The EV tax credits were introduced by Congress in August last year as part of the Inflation Reduction Law, with the goal of ending America’s dependence on China for batteries. The entire tax credit of $7,500 is divided into two parts.
The first part of $3,750 is for EVs that qualify for half of the tax credit, provided that 50% of the value of the battery components were produced or assembled in North America. The other half requires 40% of the value of critical materials come from the US or another free trade agreement country.
The Treasury Department delayed the release of battery sourcing guidance allowing EV manufacturers time to comply with the requirements. On April 18, the department began enforcing the critical materials sourcing requirement, causing many vehicles to lose full tax credits they had been eligible for in the first quarter.
Previously, only the Tesla Model 3 Performance qualified for the full tax credit. Now, Model 3 long-range all-wheel drive and rear-wheel drive models also qualify. With this change, the rear-wheel-drive Model 3 starts at $32,740 when the tax credit is applied.
The Treasury Department’s website is yet to be updated, though Tesla’s eligibility for the tax credit is confirmed on its website. Though the company did not specify any reasons behind the change, it is good news for new Tesla Model 3 buyers.
Tesla notches up sustainable records
Tesla has recently been in the news not just for this latest tax credit announcement but also for its feats in sustainability. The company has ramped up its investments in sustainable technologies, and its efforts are starting to bear fruit.
Tesla has been the industry leader in developing electric vehicle technology. It has sliced down the EV footprint and can now offer a range of EVs, including the high-end Model S, X, and Roadster. The company uses the latest technology – its latest battery, the 4680, has a vast improvement over its predecessor, earning Tesla accolades both for technological progress and for sustainability.
Tesla is now making considerable strides in the energy sector as well. It is scaling up its solar energy business, with its solar roofs getting more affordable and widespread. This move is expected to increase the adoption of renewable energy and reduce reliance on fossil fuels, contributing to a more sustainable future.
Tesla is also making significant changes with its battery storage business. Tesla’s Powerwall, Powerpack, and MegaPack battery storage systems are getting more popular as they offer an environmentally friendly way of storing energy. The company’s battery storage systems offer better energy efficiency and help reduce carbon emissions.
These developments are serving to highlight Tesla’s position as a leader in sustainable technology and sustainable business practices.
Tesla’s sustainable initiatives are crucial in light of the global climate movement. Tesla is doing its part in contributing to a more sustainable global future. As the world moves towards decarbonization in response to climate change, initiatives such as Tesla’s are vital in facilitating this transition.
The future of Tesla and electric vehicles
Tesla’s success in the electric vehicle industry is expected to continue, with the company poised to release several new models in the coming years.
Following a successful launch of the Tesla Model Y in early 2020, Tesla is expected to launch its much-anticipated Cybertruck later this year. The Cybertruck, with its unique design, has been the subject of much discussion and speculation.
The Cybertruck launch is expected to be followed by the much-awaited Tesla Semi, an all-electric Class 8 semi-truck. The Tesla Semi’s launch has been pushed back several times, with the latest estimate placing it in 2022 or 2023.
Tesla’s investments in sustainable technologies and vehicles are essential for the company’s current and future growth. As the world prioritizes the move towards sustainable transportation and energy, investments in electric vehicles and renewable energies are key to achieving these objectives.
Summary
Tesla’s Model 3 is now eligible for the full $7,500 federal EV tax credit. This change comes after upholding the critical materials sourcing requirements, losing several credits in Q1. Tesla has not specified why the change took place, but all Model 3 vehicles now qualify for the tax credit.
Additionally, Tesla is making progress in sustainable business practices. It’s solar roofs, Powerwall, Powerpack, and MegaPack battery storage systems are getting more popular as they offer environmentally friendly ways to store and harness energy. Tesla’s sustainable initiatives are crucial in light of the climate movement, and they are expected to contribute to a more sustainable global future. As the world moves towards decarbonization, Tesla’s investments in electric vehicles and renewable energies are key to achieving this transition.
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All new Tesla Model 3 vehicles will now qualify for the full $7,500 federal EV tax credit, according to a change on Tesla’s website.
The EV tax credits were mandated by Congress last August as part of the Inflation Reduction Law, with the goal of ending America’s dependence on China for batteries. The entire tax credit of $7,500 is divided into two parts. EVs can qualify for half, or $3,750, if 50% of the value of the battery components were produced or assembled in North America; the other half requires that 40% of the value of critical materials come from the US or another free trade agreement country.
Image Credits: Tesla website
When the tax credits went into effect on January 1, the Treasury Department delayed the release of battery sourcing guidance to give EV manufacturers time to comply with the requirements. On April 18, the department began enforcing the critical materials sourcing requirement, causing many vehicle models to lose the full tax credits they had been eligible for in the first quarter of the year.
Tesla’s Model 3 saw its entire credit cut in half, but many other automakers, such as BMW, Rivian, Volvo and Hyundai – they lost their credits completely.
Now, it appears that all Tesla vehicles will be eligible for the full $7,500 credit. Previously, the only Model 3 that qualified for the full tax credit was the Model 3 Performance. Now the long-range all-wheel drive and rear-wheel drive Model 3 will also qualify. Rear-wheel drive Model 3 now starts at $32,740 when the tax credit is applied.
Tesla did not say what changed, but CEO Elon Musk retweeted a screenshot from the website showing the tax credits available for each vehicle. Crucially, the Treasury Department’s website has yet to be updated to reflect Tesla’s new eligibility for tax credits. The department has not yet responded to TechCrunch’s request for comment.
Image Credits: internal revenue service
Tesla says all new Model 3s now qualify for full $7,500 tax credit
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