Sorry, But The $79,990 Tesla Cybertruck Still Doesn’t Qualify For The Retail EV Tax Credit
The Tesla Cybertruck’s entry-level price was slashed by $20,000 last week as the company removed the requirement to order it with the Foundation Series package that had been mandatory since it launched last November.
That brought the actual base price of a dual motor All-Wheel Drive Cybertruck to $79,990, which is a significant number because it is below the $80,000 threshold for electric pickups to qualify for the Inflation Reduction Act’s $7,500 federal tax credit on retail purchases of clean energy vehicles. But don’t go looking for that 9.4% discount just yet.
Tesla makes no mention of the credit on its website and famously doesn’t have a press relations office that will respond to requests for information on its products from all media outlets. However, when American Cars And Racing spoke to a sales representative at a Tesla store, he said that the credit definitely doesn’t apply at this time, but had no additional information to share on the topic. An IRS spokesman also confirmed that the Cybertruck is not listed as one of the eligible vehicles, but did not know if that would be changing anytime soon.
The Cybertruck was on the list last year, but dropped off of it for 2024. Tesla hasn’t explained why, but the change coincided with increasingly stringent rules that kicked in this year covering battery pack materials sourcing that disqualify cars that use components from unapproved countries.
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For example, Tesla this year had been selling a Model 3 sedan with a pack containing components from China that was not eligible for the credit. As a result, it actually ended up costing more to buy for many consumers than a higher priced trim with an eligible pack and has since been discontinued.
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The sourcing rules don’t apply to commercial customers and tax-exempt organizations, however, and the credit can also be rolled into leases, but Tesla doesn’t currently offer the Cybertruck through its in-house leasing program. Tesla does provide relatively low 5.29% financing on the Cybertruck, which results in $1,334 on a 72-month lease with no money down.
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