Your New Tesla Is $7,500 Cheaper Now That US Treasury Department Fixes Pesky Rule
Portfolio Pulse from AJ Fabino
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have revamped the $7,500 EV tax credit system, making the savings immediate rather than waiting for a tax return. This applies to both new and previously owned clean vehicles. Dealers must register via a new IRS portal called Energy Credits Online to facilitate the transaction. The new rule is expected to boost the electric vehicle market in the U.S. Shares of Tesla Inc (NASDAQ:TSLA), Rivian Automotive Inc (NASDAQ:RIVN), and Lucid Group Inc (NASDAQ:LCID) saw a lift after the Treasury Department issued its new guidance.
October 06, 2023 | 4:27 pm
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POSITIVE IMPACT
Lucid Group's stock saw a lift after the announcement of the revamped EV tax credit system.
The new tax credit system lowers the cost of EVs, potentially increasing sales for Lucid Group.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Rivian's stock saw a lift after the announcement of the revamped EV tax credit system.
The new tax credit system lowers the cost of EVs, potentially increasing sales for Rivian.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tesla's stock saw a lift after the announcement of the revamped EV tax credit system.
The new tax credit system lowers the cost of EVs, potentially increasing sales for Tesla.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100