Tesla loses USA subsidies as it hits 200,000 sales mark

Elon Musk

The clock is ticking for Tesla customers looking for incentives on their vehicle purchase.

The announcement was first discovered by Jalopnik.

Tesla told Reuters on Thursday that it has officially delivered 200,000 electric cars in the U.S., which means its electric-vehicle tax credit will begin to phase out. From Jan. 1, 2019 until June 30, the credit will be reduced to $3,750.

A Tesla spokeswoman confirmed the change to Green Car Reports, but declined to comment further. The Palo Alto, California-based carmaker is the first to trigger the reduced incentive in the U.S.

Farewell, tax credit, we barely knew ye. The reasoning behind the law was that by the time the credits start to phase out, battery costs will be lower and the cars will naturally command less of a premium relative to conventional cars.

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Earlier this year, amid concerns they could miss the federal tax break, some potential buyers of Tesla's long-delayed Model 3 sedan began seeking alternatives, including GM's Bolt, according to postings by would-be Tesla buyers on websites and interviews with GM dealers.

Many of those same buyers who have not yet received their cars have waited for Tesla to follow through on its promise to build a vehicle for $35,000. "I believe Model 3 is the last bet-the-company situation", he said. Bloomberg's Model 3 production tracker has become more accurate over the past few months, with the system only being 2% off its estimates for Tesla's Q2 figures for the compact electric vehicle. Without the tax credit, those later buyers may get less auto for the same effective price.

Tesla CEO Elon Musk is said to have slept in multiple locations at the company's vehicle-assembly plant this year.

Tesla is the first vehicle manufacturer to hit the threshold in the United States, and the end of subsidies could slow sales as the company ramps up production of.

It finally happened. After bringing up Model 3 production to Elon Musk's self-imposed quota, Tesla has hit the point where its vehicle sales are high enough to begin the EV tax credit phase-out. The Model 3, after all, would likely determine whether Tesla could achieve its target of becoming profitable this third or fourth quarter.

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