Tesla Inc. experienced a notable 1.44% increase in pre-market trading on Thursday. This surge follows the announcement that the Cybertruck qualifies for a $7,500 electric vehicle consumer tax credit.
Eligibility for Tax Credit
The U.S. government has confirmed on its fueleconomy.gov website that customers taking delivery of the Cybertruck this year can receive the tax credit on both the dual motor and single motor variants. Although production of the single-motor variant has not yet begun, it will be eligible for the credit once sales commence.
Impact on Cybertruck Pricing
With the tax credit, the Cybertruck’s all-wheel variant’s effective starting price will be $72,490 for qualifying buyers, while the rear-wheel drive single-motor variant will start at $53,490 after deliveries begin. However, the Cyberbeast premium variant, priced at $99,990, will not qualify due to exceeding the $80,000 price limit.
Other Eligible Tesla Models
Currently, all variants of the Model Y, Model 3, and Model X all-wheel drive variants sold in the U.S. are eligible for the $7,500 tax credit.
Recent Incident Involving Cybertruck
Meanwhile, a Cybertruck caught fire near the Trump International Hotel in Las Vegas. CEO Elon Musk addressed the issue, stating that the fire was caused by fireworks or a bomb, not a vehicle malfunction.
Key Points
- Tesla stock surges 1.44% in pre-market trading
- Cybertruck qualifies for $7,500 electric vehicle tax credit
- Eligibility applies to dual motor and single motor variants
- Cyberbeast premium variant does not qualify due to price limit
- Other Tesla models, including Model Y, Model 3, and Model X, are also eligible for the tax credit