The recently unveiled Tesla Cybertruck has received official approval for the $7,500 federal tax credit in 2023, as indicated by information from the U.S. Department of Energy, sourced from Internal Revenue Service data as of December 7, 2023.
According to the data, two versions of the Tesla Cybertruck qualify for the full $7,500 incentive: the all-wheel-drive variant and the top-tier tri-motor Cyberbeast version. Notably, the rear-wheel-drive version, planned for a 2025 release, has not been listed, potentially subject to further clarification at a later date.
The federal incentive is applicable exclusively to pickup trucks with a price not exceeding $80,000. This eligibility criterion raises questions about whether any Cybertruck sold in 2023 will meet the stipulated requirement.
As per Tesla's official pricing, the base model Tesla Cybertruck Cyberbeast starts at $99,990. The Tesla Cybertruck AWD, theoretically eligible for the incentive with an estimated price of $79,990, is set to commence deliveries in 2024. Consequently, as of now, there may be no tax credit available for Cybertrucks in 2023.
Estimated Tesla Cybertruck prices (MSRP):
- RWD: $60,990 (anticipated in 2025)
- AWD: $79,990 (expected in 2024)
- Cyberbeast: $99,990 (anticipated in late 2023)
An intriguing aspect is that the IRS includes the Cyberbeast, despite its price surpassing the cap, while the similarly costly Tesla Model X Plaid is not listed alongside the more affordable Tesla Model X Long Range AWD.
It is essential to note that this information may hold relevance for a limited timeframe, given the imminent changes in the EV tax credit system scheduled for January. The introduction of new rules surrounding battery materials sourced from China is set to impact the entire automotive industry. Clarity on whether the Cybertruck and other all-electric vehicles will be eligible for full tax credits in 2024 remains uncertain until the industry gains further insights. For a comprehensive overview of the impending changes, refer to our guide on the subject.