Tesla has over 3,000 Model 3s left in U.S. inventory - Electrek

Tesla has over 3,000 Model 3s left in U.S. inventory - Electrek

The federal government's tax credit for buying plug-in vehicles will be cut in half for Tesla buyers for the first six months of 2019.

It is hard to walk into a Tesla store today and buy the exact model a buyer wants.

Two nights ago, Tesla boss Elon Musk sent out a tweet telling his millions of followers that there was 48 hours left to buy a new EV and still qualify for the full $7,500 tax credit from the USA government.

"We're complementary to the Tesla employees", Omar Sultan, a Tesla customer who volunteered at a Tesla store near Rocklin, California, told Bloomberg in September.

Despite the company's frenetic attempts to sell every auto it produced, a 2019 tax credit cut will make things much more complicated. Concomitantly, the Tesla head, Elon Musk, had promised to reimburse the customers in cases of delayed deliveries.

Under a court-approved agreement with the SEC, Musk agreed to pay a $20 million fine and step aside as Tesla's chairman for three years to settle charges that could have forced his exit.

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But the August claim that he had the funding to take Tesla private, and a subsequent U-turn, stunned Wall Street. The tax credit will be reduced again after June 30 2019 to $1875 and will be ended entirely at the end of 2019. Musk has been promoting the fact that the company can deliver vehicles in the USA by the end of the year.

Looking to highlight its affordability, Tesla noted that new owners can apply to receive the tax credit and may be eligible for additional state and local electric vehicle incentives, which can range up to US$4,000.

General Motors (GM) is next up for the phase-out of the tax credit. Tesla buyers must now take delivery of their new EVs by December 31. But in that case, Tesla gets the tax credit and will lower the lease price by the same amount.

According to Bloomberg, Tesla's Chief Executive Officer Elon Musk is starting this year with worries about how much of the market is left for pricier models of the Model 3.

GM is on record saying it would like to see change in the law to end the phase-out of the tax credit, but it's not clear that such legislation could pass Congress.

The report by Electrek, citing sources, said while the automaker is expected to deliver some vehicles on the last day of the year, it is not possible for Tesla to go through the whole inventory.

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