Tesla hits 200,000 cars, meaning a lower tax credit for EV buyers

There are numerous reasons to dislike Elon Musk. This isn’t one of them

The announcement was first discovered by Jalopnik.

Farewell, tax credit, we barely knew ye. As of next January, subsidies will be cut in half before being phased out completely a year later.

Tesla is the first US carmaker to trigger the reduced federal tax credit for electric vehicles, a phaseout triggered by it sales of 200,000 vehicles in the U.S.

The South African-born Tesla boss had already confirmed that the Performance variant will use a powertrain layout similar to the dual-motor Model 3, suggesting it will have a motor to drive each axle.

The incentives were created to boost electric auto sales by giving buyers a tax credit that would bring prices in line with competitive gas cars.

Tesla told Reuters on Thursday that it has officially delivered 200,000 electric cars in the United States, which means its electric-vehicle tax credit will begin to phase out.

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The clock is ticking for Tesla customers looking for incentives on their vehicle purchase.

For the first time since it started taking reservations for its new "affordable" Model 3, Tesla has opened up the car's configurator to the public. The production milestone was finally attained by the company during the final week of June, but it did not escape criticism from the company's doubters, some of whom predicted that the Model 3's 5,000/week "burst" production would be unsustainable.

For example, a buyer today who purchases a Model 3 for $50,000 (representing a long-range battery, rear-wheel drive vehicle with the required Premium Package), would get a tax credit that will bring the effective price down to $42,500. Without the tax credit, those later buyers may get less vehicle for the same effective price.

Both GM and Tesla have been lobbying Congress since a year ago, hoping to win changes to tax law that would allow them to continue to collect the tax credit, but they have been unsuccessful to date.

The full credit is only available while a manufacturer maintains sales below 200,000-which means Tesla hit that sales threshold this month.

While tax credits have helped boost electric-vehicle demand in the US, they remain only 1.1percent of the market.

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