Tesla has announced that two of its models, the Model 3 Rear-Wheel Drive and Model 3 Long Range, will no longer qualify for the full $7,500 federal tax credit starting from January 1, 2024. This is due to the Biden administration's efforts to limit Chinese battery components in US electric vehicles. Tesla is urging customers to take delivery of these models by December 31, 2023, in order to qualify for the full tax credit.
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00:00 Benzinga and here's what's on the block. Tesla has announced that two of its models,
00:04 the Model 3 rear-wheel drive and Model 3 long range, will no longer qualify for the full
00:09 7,500 federal tax credits starting January 1st of 2024. This is now due to the Biden
00:14 administration's effort to limit Chinese battery components in U.S. electric vehicles. Tesla is
00:19 urging customers to take delivery of these models by December 31st of this year in order to qualify
00:24 for the full tax credit. The Biden administration is proposing stricter requirements for tax credit
00:29 targeting certain foreign entities including China to incentivize clean vehicle production.
00:34 For all things money visit Benzinga.com