Even after price cuts, a new Tesla Model 3 might soon get more expensive.
Oct. 12 the electric-vehicle leader said it expected the tax incentive for its most popular vehicle, the Model 3 sedan, to drop in half to $3,750 after Dec. 31.
For two of the company's other models — the Model X full-size SUV and Model Y midsize SUV — the warning about a potential tax-credit reduction is more vague. Each vehicle's page urges consumers to take delivery by year-end in order to receive the full $7,500 tax credit.The reason for this expectation lies in the EV-tax-credit rules of the Inflation Reduction Act. These restrictions limit eligibility to cars with battery components that come from the U.S. or a free trade partner.
"That margin outlook may be a disappointment for some, present company included, that were looking for margins to slowly improve this year," Gene Munster, managing partner at Deepwater Asset Management, a Tesla investor, said in July.The company is slated to report third-quarter earnings Oct. 18.
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