Tesla Says Cybertruck Likely To Qualify For Federal Tax Credit 'Later In 2024'

Tesla Inc‘s TSLA newest addition to its lineup— the all-electric Cybertruck— may qualify for federal EV tax credits starting later this year.

What Happened: “Cybertruck is likely to qualify for the federal tax credit later in 2024,” Tesla wrote on its website.

The Cybertruck’s all-wheel drive version lost eligibility for tax credits at the onset of 2024 after the new battery sourcing guidelines from the treasury took effect. The new guidelines, which were issued last month, is aimed at weaning the U.S. EV market’s reliance on foreign players including China.

Currently, among Tesla vehicles, different versions of the Tesla Model Y, the Performance version of Model 3, and the Model X Long Range are eligible for full tax credit.

Why It Matters: With the new guidelines, the number of electric vehicles eligible for tax credit has dipped to 19 vehicle models, including different versions of the same model. The number of eligible models was 43 as of the end of 2023.

Other vehicles to have lost eligibility include the Chevrolet Blazer EV, Tesla Model 3 RWD, Ford E-transit, and Volkswagen ID.4.

Photo by Mike Mareen on Shutterstock

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