Tesla Cybertruck is now officially eligible for the entire $7,500 federal EV tax credit according to the IRS. Interestingly, even the trimmed out $100k+ Cybertruck variant makes the cut. Although to utilize the full credit, the purchase price will need to fall under $80,000 at delivery.
The Inflation Reduction Act requires EVs to be assembled in North America to qualify for the tax credit. With Tesla producing all vehicles at its Fremont, California plant, Cybertruck meets this stipulation, new requirements also mandate a percentage of battery components originating from the US or free trade partners. On June, Tesla’s Giga Texas factory has hit a huge milestone by producing over 10 million 4680 battery cells this week, 4680 battery is Tesla’s third-generation cylindrical cell, working Cybertruck.
What will the Cybertruck cost in 2024?
Tesla started Cybertruck production, volume deliveries will occur in 2024 once production ramps up, with the $7,500 federal credit, base Cybertruck prices fall to $67,490 for the AWD model.
- Starting MSRP: $79,990
- Federal credit: -$7,500
- CO state credit: -$5,000
- Total Price: $67,490
In addition to the revamped federal credit, Colorado buyers will benefit from a new state incentive. The “Innovative Truck Credit” provides a $5,000 discount for qualifying electric trucks and vans. The combination makes Colorado the most affordable place to buy a next-gen EV pickup like the Cybertruck.
As more electric trucks reach the market, states may look to spur adoption with targeted incentives. But few states currently have programs specific to electric light-duty trucks. For now, Colorado emerges as the clear leader thanks to its $5,000 truck credit launching in 2024.
The Cybertruck federal tax credit eligibility now provides clarity for reservation holders, Colorado residents could see surprisingly affordable pricing under $70k. Although exact options and configurations will impact final MSRPs. As the futuristic Tesla pickup progresses toward production, incentives will lower costs for early adopters.