Model 3

Tesla Federal Tax Credit about to slash by half

White House, has revealed that federal electric vehicle (EV) tax credits for two of Tesla’s Model 3 configurations are set to shrink next year.

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Tesla has officially confirmed that both the Rear-Wheel Drive (RWD) and Long Range configurations of the Model 3 will see a reduction in rebates to $3,750 in 2024.

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Take delivery by Dec 31 for full tax credit.” This indicates that the $7,500 tax credit will be cut in half to $3,750 starting Jan 1, 2024, specifically for the Model 3 RWD and Model 3 Long Range.

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Tesla hinted at federal tax credit reductions in July, impacting Model 3 RWD and Long Range. Updated guidance reveals instant credits at purchase, departing from the previous delayed tax season process.

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As Tesla introduced its updated Model 3 design in markets outside North America, there’s anticipation surrounding its impact on the U.S. and Canada next year.

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