Tesla Cybertruck Gets Approval For $7,500 Federal Tax Credit, Here's What You Should Know
Portfolio Pulse from Benzinga Neuro
Tesla Inc's (NASDAQ:TSLA) Cybertruck has been approved for a $7,500 federal tax credit for two of its models, the all-wheel-drive variant and the high-end tri-motor Cyberbeast. The rear-wheel-drive model, set for release in 2025, is not yet eligible. The tax credit applies to pickup trucks under $80,000, but the Cyberbeast's base price is $99,990. Deliveries for the AWD model, priced at $79,990, will start in 2024, making it unlikely to benefit from the tax credit this year. The IRS has not listed the similarly priced Tesla Model X Plaid. Changes in the EV tax credit system in January may affect the Cybertruck's future eligibility.
December 11, 2023 | 1:57 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Tesla's Cybertruck approval for a federal tax credit could boost consumer interest and affordability, potentially impacting sales positively. However, the delayed start of deliveries and the upcoming changes in the EV tax credit system may limit the short-term sales impact.
The approval of the tax credit for the Cybertruck is positive news for Tesla, as it could make the vehicle more attractive to consumers. However, the fact that deliveries won't start until 2024 and the rear-wheel-drive model is not yet eligible for the credit, combined with the uncertainty surrounding the EV tax credit system changes, could dampen the immediate impact on Tesla's stock price. The news is relevant and important due to its potential effect on consumer demand and Tesla's sales, but the confidence in the short-term impact is moderated by the uncertainties mentioned.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80