Tesla Says Cybertruck Likely To Qualify For Federal Tax Credit 'Later In 2024'
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) announced that its upcoming Cybertruck is likely to qualify for federal EV tax credits later in 2024. The Cybertruck had lost eligibility at the start of 2024 due to new battery sourcing guidelines aimed at reducing U.S. EV market reliance on foreign sources, such as China. Currently, several Tesla models, including different versions of the Model Y, Model 3 Performance, and Model X Long Range, are eligible for the full tax credit. The number of EV models eligible for the tax credit has decreased from 43 at the end of 2023 to 19 under the new guidelines.
January 03, 2024 | 2:23 am
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Tesla's Cybertruck is expected to qualify for federal EV tax credits later in 2024, potentially increasing its market appeal and sales. Current Tesla models remain eligible for tax credits despite stricter guidelines.
The announcement that Tesla's Cybertruck is likely to qualify for federal EV tax credits later in 2024 could have a positive short-term impact on TSLA's stock price. The tax credit eligibility can make the Cybertruck more attractive to consumers, potentially increasing demand and sales. The fact that current Tesla models remain eligible for the tax credit despite new guidelines suggests resilience in Tesla's product strategy, which could be viewed favorably by investors.
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