Tesla will regain EV tax credit in 2023

Tesla will regain EV tax credit in 2023

According to the Inflation Reduction Act, that Prez Joe Biden signed into legislation on Tuesday... 

...Manufacturers must complete the final manufacturing of their evs in United States in order to qualify for tax incentives.

The bill eliminates benefits for nearly 70% of the 72 vehicles that were formerly qualified. The law is effective immediately.

The necessity to remove the tax credit threshold after manufacturers sell 200,000 EVs is the reform's primary objective.

Prior to the bill, It was disadvantageous for automakers who were early adopters of electric vehicles.

So, Which companies will benfit form this new law?

The companies that will benefit the most from this law are...

Tesla and GM

However, in Tesla's instance, the proposed $55,000 price cap will only apply to certain variants of the Model 3.