The Tesla Cybertruck Just Got $7,500 Cheaper
The Tesla Cybertruck is starting the new year with a price drop, but not from Tesla. Certain versions of the pickup now qualify for the $7,500 federal tax credit on electric vehicles.
The U.S.-built Cybertruck had previously been excluded from the list without an official public explanation, but it was likely due to battery materials that didn’t meet the materials sourcing requirements that are required for the credit. Commercial buyers and lessees were able to get the $7,500 credit, however, as the rules are less restrictive for those situations.
The updated IRS list now shows the Dual Motor and Single Motor Cybertrucks as eligible, both of which come under the price threshold of $80,000 for trucks and SUVs. Income limits also apply.
The Dual Motor starts at $79,990 while the Single Motor starts at … well, we don’t know right now. The model was originally listed for reservations at $60,990, but hasn’t yet been put on sale and was removed from the ordering website last year. The top-of-the-line Cyberbeast starts at $99,990, which puts it over the limit for the retail purchase credit.
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The news comes at a good time for Tesla, which appears to have come up against a demand issue for the Cybertruck as production has ramped up. Several incentives have been offered in recent weeks and the truck is available for purchase from inventory, which is a big shift from early last year when they were hard to come by and being resold by customers for large profits.
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The Cybertruck was almost certainly the best-selling electric pickup in 2024, although the final numbers have not been released. While Tesla was working to increase output through the year, Ford cut planned production of the F-150 Lighting and delivered 28,313 through November, a figure that had been surpassed by the Cybertruck weeks prior.
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The Cybertruck has been making headlines this week, but for much more unfortunate reasons. One was packed with explosives that blew up outside of the Trump hotel in Las Vegas on New Years day killing a person inside the vehicle. The FBI is investigating the incident as a possible act of terrorism.
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