Andy Nurman
January 2, 2024
The highly anticipated Tesla Cybertruck, with its angular stainless steel body and impressive towing capacity, aims to shake up the pickup truck market when it enters production. However, uncertainty remains over whether this electric vehicle will qualify buyers for the up to $7,500 federal tax credit.
As of now, the Cybertruck is not yet on the Internal Revenue Service’s (IRS) list of vehicles eligible for the credit. Experts believe it will likely qualify eventually since Tesla plans to manufacture it in the U.S. using the 4680 battery cells. The batteries would need to be produced in an American factory to meet the tax credit requirements.
For now, Tesla has only delivered the Foundation series models, with a $100,000-120,000 price tag. That already exceeds the $80,000 maximum base price limit for pickup trucks to qualify for the full tax credit. The dual and single motor rear-wheel drive models are expected to start below the threshold when they enter production.
Buyers also face income eligibility limits of $300,000 for married joint filers and $150,000 for single filers.
IRS guidelines will likely address where the futuristic and hotly-anticipated Cybertruck stands. Interested buyers eagerly await clarification from the agency on if one of the most talked-about EVs in years will offer the valuable incentive.
