Tesla Model 3 now costs less than Toyota Camry thanks to Tesla's announcement that every trim level of its all-electric sedan qualifies for $7,500 in tax credits.
Last week, Tesla updated the tax credit qualification language in its Model 3 Design Studio so all three configurations of its sedan qualify for full tax credits.
Previously, only Performance trim qualified for the full credit amount, while other models only qualified to receive up to $3,750 of it.
In some states, like California, an updated credit amount and local incentive levels allow Tesla vehicles to become comparable in price with gas cars; and may even come out cheaper than some popular sedans like Toyota Camry.
FuelEconomy.gov was reported by Reuters this morning as having updated their website to accommodate Model 3 Tax Credit Qualifications enabled by domestic batteries being installed in vehicles; until today, these qualifications only applied when lower configurations used batteries from China.
Model 3 Rear-Wheel Drive trim costs $40,240 with all available discounts (such as federal tax credit of $7,500 and California's rebate of $7,500) taken into consideration; thus bringing its total price down from $40,240 to just $25,240.
Model 3's receipt of full tax credits for all vehicles poses an unfair competitive disadvantage for other EV manufacturers and petrol companies, who cannot offer comparable pricing as yet.
Tesla continues to gain ground with each new development. It remains to be seen when other companies will catch up and overtake Tesla.
Last week, Tesla updated the tax credit qualification language in its Model 3 Design Studio so all three configurations of its sedan qualify for full tax credits.
Previously, only Performance trim qualified for the full credit amount, while other models only qualified to receive up to $3,750 of it.
In some states, like California, an updated credit amount and local incentive levels allow Tesla vehicles to become comparable in price with gas cars; and may even come out cheaper than some popular sedans like Toyota Camry.
FuelEconomy.gov was reported by Reuters this morning as having updated their website to accommodate Model 3 Tax Credit Qualifications enabled by domestic batteries being installed in vehicles; until today, these qualifications only applied when lower configurations used batteries from China.
Model 3 Rear-Wheel Drive trim costs $40,240 with all available discounts (such as federal tax credit of $7,500 and California's rebate of $7,500) taken into consideration; thus bringing its total price down from $40,240 to just $25,240.
Model 3's receipt of full tax credits for all vehicles poses an unfair competitive disadvantage for other EV manufacturers and petrol companies, who cannot offer comparable pricing as yet.
Tesla continues to gain ground with each new development. It remains to be seen when other companies will catch up and overtake Tesla.
