Tesla Inc. has warned customers to lock in their purchases before the September 30 deadline for the Federal EV credit. This move is expected to help buyers avail the incentive, as Q3 deliveries are poised to exceed analyst estimates.
EV Credit Deadline Is Just Around The Corner
The company’s North American social media handle recently posted a reminder, stating that customers have only a short time left to lock in the $7,500 federal tax credit. The post encouraged buyers to visit the website to complete their purchase before the deadline.
Update from the IRS
The Internal Revenue Service (IRS) has revised the terms for availing the Federal EV Credit. According to the new terms, customers can still claim the credit even if they take delivery of the vehicle after the deadline, provided they make a nominal payment on or before September 30. This payment can include a small down payment or a trade-in.
Tesla’s Updated Terms
Tesla has also updated its terms, coinciding with the IRS’s revisions. However, the company has clarified that taking delivery beyond September 30 and still availing the IRA Credit is only valid for cash purchases. Customers leasing vehicles are still expected to take delivery on or before the deadline day.
California Backtracks on Bespoke EV Credit
California Governor Gavin Newsom has announced that the state will not push through with the proposed bespoke EV incentives after the Federal EV Credit deadline. Instead, the state will focus on improving the charging infrastructure.
Key Takeaways
- Tesla is urging customers to lock in their purchases before the September 30 deadline for the Federal EV credit.
- The IRS has revised the terms for availing the Federal EV Credit, allowing customers to claim the credit even if they take delivery after the deadline.
- Tesla has updated its terms, but with specific conditions for cash purchases and leases.
- California will not offer bespoke EV incentives after the Federal EV Credit deadline, opting to improve charging infrastructure instead.
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