Tesla Inc. (NASDAQ: TSLA) has urged customers to lock in purchases ahead of the September 30 deadline for the Federal EV credit to avail the incentive, as Q3 deliveries look poised to exceed analyst estimates.
EV Credit Deadline Is Just Around The Corner
The company’s North American handle posted on the social media platform X on Sunday, urging customers to lock in their purchase before the deadline. “2 days left to lock in $7,500 fed tax credit,” Tesla said in the post along with a link to the website.
IRS Updates EV Credit Terms
The news comes as the Internal Revenue Service (IRS) revised the terms to avail the Federal EV Credit, with the agency now saying that customers can still avail the credit even if they take delivery of the vehicle post the deadline, provided that they make a nominal payment on or before September 30. A payment can include a small down payment as well as a trade-in, the IRS had said.
Meanwhile, Tesla had updated its terms, coinciding with the IRS’s updates. However, the EV giant also mentioned that taking delivery beyond September 30 and still availing the IRA Credit is only valid for cash purchases. Customers leasing the vehicles would still be expected to take delivery on or before the deadline day.
California Backtracks On Bespoke EV Credit
Elsewhere, California Governor Gavin Newsom confirmed that the state wouldn’t be pushing through with the proposed bespoke EV incentives after the Federal EV Credit deadline.
The state had earlier planned on offering incentives to EV owners via “backfill.” Instead, California will now reportedly look towards improving the charging infrastructure in the state.
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