February 22, 2024

Brighton Journal

Complete News World

Here are the only Tesla cars that can now access the $7,500 EV incentive

Here are the only Tesla cars that can now access the $7,500 EV incentive

Tesla has officially revealed that its electric cars will still retain access to the $7,500 federal stimulus after a rule change in 2024.

Over the past few months, Tesla has released a batch of new data about changes to its electric vehicles' eligibility for the federal tax credit in 2024.

We still call it a “tax credit,” but it's actually a point-of-sale incentive starting today.

This confusion came from changes to eligibility rules that now require 50% of battery metals to come from North America and 60% of battery components to be assembled in North America.

Tesla, like other automakers, is having issues determining which of its cars will still have access to the tax credit or whether they will see a reduced credit.

Recently, Tesla said that all Model 3 variants except the Model 3 Performance will lose access and some Model Y variants may see their tax credit reduced.

Today, Tesla officially updated the list of vehicles eligible for the federal tax credit and confirmed that all Model Y models retain access to the full tax credit:

  • Model 3 Performance: $7,500
  • Model
  • Model Y, rear-wheel drive: $7,500
  • Model Y long range: $7,500
  • Model Y Performance: $7,500

It's important to note that the $80,000 price cap for SUVs and pickup trucks still applies. So, the Model

On the buyer's side too, income limits still apply to be eligible for the tax credit:

  • $300,000 for married couples filing jointly
  • $225,000 for heads of household
  • $150,000 for all other depositors

However, with the new POS update in 2024, this year's federal tax liability is no longer an issue.