Posted on Monday June 17, 2024
Tesla's Model 3 Long Range has officially become eligible for the full $7,500 federal tax credit for electric vehicles, making it a more attractive option for buyers. This eligibility update comes amidst increasing restrictions on battery material and component sourcing, which have limited the availability of some EVs for the tax credit.
Previously, the Model 3 Performance was the more logical choice over the cheaper Model 3 Long Range due to its eligibility for the tax credit. However, with the recent confirmation from both Tesla and the IRS, the Model 3 Long Range can now benefit from the full tax incentive.
Price Comparison After Tax Credit:
Model 3 Long Range: Starts at approximately $40,000 after the $7,500 federal tax credit.
Model 3 Rear-Wheel Drive: Starts at roughly $39,000 but remains ineligible for the tax credit due to its use of LFP battery cells sourced from China.
It is speculated that Tesla has adjusted the battery sourcing for the Model 3 Long Range to meet the federal requirements, although the company has not provided specific comments on the changes.
Impact of Battery Sourcing:
Batteries sourced from China have been a significant factor preventing some US-built electric vehicles from qualifying for the tax credit.
The Model 3 Long Range’s eligibility indicates a shift in Tesla’s battery supply chain, potentially moving away from Chinese-sourced components.
Don't Miss Out
This update makes the Model 3 Long Range more enticing than ever, combining Tesla’s advanced technology with significant savings. Curious about what this EV has to offer? Visit Tesla’s website to see how the Model 3 Long Range can fit into your lifestyle and take advantage of the $7,500 federal tax credit.
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