Tesla hits 200,000 cars, meaning a lower tax credit for EV buyers

There are numerous reasons to dislike Elon Musk. This isn’t one of them

Starting next July, they can receive 25% of the credit.

General Motors will soon face the same problem as Tesla in the near future, as it is expected to hit the 200,000 mark with sales of its Chevrolet Bolt EV, the Chevrolet Spark all-electric subcompact auto and Chevrolet Volt plug-in hybrid.

CHECK OUT: After Tesla's federal tax credits expire, which electric vehicle would you buy?

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. As of July 2, the company said it had about 420,000 preorders for the vehicle that had not been fulfilled, and customers are not entitled to the tax credit until their vehicle is delivered. Vehicles delivered between January 1 and June 30 of 2019 will qualify for $3,750 in credit. It's a hurdle that's heavily dependent on the specific configuration you want to order.

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The South African-born Tesla boss had already confirmed that the Performance variant will use a powertrain layout similar to the dual-motor Model 3, suggesting it will have a motor to drive each axle. Those who have wanted an all-wheel drive Model 3, would prefer to save $9,000 and go for the standard battery, or who haven't wanted the upgraded interior haven't been able to order.

Despite this anti-selling, however, Model 3 reservations remained high, with Tesla most recently confirming that it still has a backlog of 420,000 orders for the electric auto.

It's unclear whether the tax credit system - which also includes state incentives and rebates, that vary depending on where owners live - will be overhauled and change all of this again. That, of course, relies on an attitude of encouragement for electrification among government members responsible for such rules, which certainly can't be counted upon.

Each manufacturer is allotted 200,000 credits before the phaseout begins.

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