Tesla Cybertruck is eligible for the maximum $7,500 U.S. tax credit for the first time this year
This is part of the adjustments made under the stricter rules that took effect on January 1 of this year. The new regulations also disqualify some other electric vehicles from eligibility for federal subsidies in the United States. Currently, there are 18 electric vehicles and plug-in hybrid vehicles that qualify for tax credits, a decrease of 4 models from last year
Tesla's Cybertruck is eligible for a maximum of $7,500 in U.S. tax credits for the first time this year, as part of a re-adjustment under stricter rules that took effect on January 1st.
The new regulations also disqualify some other electric vehicles from U.S. federal subsidy eligibility. According to data from the U.S. Department of Energy and the Environmental Protection Agency, currently, 18 electric vehicles and plug-in hybrids qualify for tax credits, down from 22 last year.
The reclassification of tax credits is part of President Biden's Inflation Reduction Act, which tightens domestic procurement requirements for battery components and the raw materials needed for their manufacturing.
The reduction in the number of electric vehicles eligible for tax incentives comes at a time when the electric vehicle market is facing overall demand weakening, while incoming President Trump, who will take office later this month, has threatened to end the federal subsidy program.
In addition to the Cybertruck, Tesla has three other vehicles that qualify for tax credits. The remaining electric vehicles eligible for U.S. federal subsidies come from nine other brands, including the Hyundai Motor Company's Ioniq 5 and Ioniq 9, which qualify for the first time, as well as sister brand Kia's EV6 and EV9.
New car buyers also face income and vehicle price limits, which may affect subsidy eligibility.
Volkswagen's ID.4 crossover has completely lost the $7,500 tax credit. Additionally, several vehicles from Ford, Nissan, Rivian, Stellantis, and Volkswagen, which were originally eligible for a maximum of $3,750 in tax credits, are no longer qualified.
According to CCTV News, on January 1st local time, in front of the Trump International Hotel in Las Vegas, Nevada, a Tesla Cybertruck suddenly exploded, resulting in the driver's death on the spot, the only fatality in the incident, while seven bystanders sustained minor injuries.
Police initially identified the driver as 37-year-old Matthew Livelsberger from Colorado Springs. Livelsberger was an active-duty special forces soldier and was on leave at the time of the incident. Police revealed that the exploded vehicle was a rented Tesla Cybertruck, loaded with fireworks and gas canisters, which created a large fireball and shockwave upon explosion. Tesla is actively assisting the investigation and has provided video footage of the vehicle's travel path between multiple charging stations The FBI has classified this incident as part of a joint counter-terrorism special task force. The police will continue to investigate the details of the incident and possible motives.
On January 2nd local time, Las Vegas Sheriff Kevin McMahill stated at a press conference that preliminary investigations suggest that the explosion of a Tesla pickup truck outside the Trump International Hotel on January 1st may have been a suicide. A gun was found inside the vehicle, located near the driver's foot area. The police believe that the driver may have shot himself in the head before the vehicle exploded