Tesla Inc. (TSLA.O) announced a $7,500 tax credit for its Model 3 ear-wheel drive would be lowered by March 31, pending U.S. Treasury Department instructions on battery component sourcing.
Friday’s Treasury Department instructions on EV battery sourcing will affect certain EV credits. The credit applies to pre-guidance deliveries.
A U.S. official told Reuters that the Treasury Department’s guidelines on the EV tax credit due March 31 would result in fewer vehicles receiving full or partial credits.
Tesla stated that the tax benefit was exclusively available to U.S. buyers.
After revising its vehicle classification standards, the Treasury made more Tesla, Ford Motor (F.N), General Motors (GM.N), and Volkswagen (VOWG p.DE) EVs eligible for up to $7,500 tax credits in early February.
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