Tesla Announce All New Model 3 Cars Qualify for USD 7,500 Electric Vehicle Tax Credit in US

San Francisco, June 3: Electric car-maker Tesla has announced that every new Model 3 vehicle now qualifies for $7,500 EV tax credit in the US. With this, the starting price of a Tesla Model 3 -- after federal tax credits -- may once again be below the $35,000 mark.

Tesla's website claimed every new Model 3 is eligible for the full $7,500 federal tax credit in the US. The EV tax credits were mandated by the US Congress last year as part of the Inflation Reduction Act. The aims to cut dependency on China for batteries.  Tesla Model Y Becomes World's Best-Selling Car, 1st EV to Earn the Prestigious Tag.

Tesla CEO Elon Musk retweeted a screenshot of the website that displays the tax credits available for each vehicle. Tesla delivered a record 4,22,875 electric vehicles in the first quarter of 2023, beating the Wall Street estimates. In the first quarter, the electric car-maker produced over 4,40,000 vehicles.

"We continued to transition towards a more even regional mix of vehicle builds, including Model S/X vehicles in transit to EMEA and APAC," it said in a statement. In the fourth quarter of 2022, Tesla delivered 4,05,278 and produced 4,39,701 units. Tesla Teases All-New EV; This Could Be the Most Affordable Tesla Model Till Date, Elon Musk Confident About Sales in Millions.

According to reports, a large percentage of deliveries came from vehicles produced in Shanghai gigafactory. Tesla has adjusted the pricing for its electric vehicle in the US several times in the recent past.

The company has drastically lowered the prices of EVs across its lineup in the US and Europe, in an effort to boost sales as its stock plummeted more than 60 per cent earlier this year.

(The above story first appeared on LatestLY on Jun 03, 2023 06:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).