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EV point-of-sale tax credits eclipse $2 billion since new program launched

Credit: Tesla

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Electric vehicle point-of-sale tax credits have eclipsed $2 billion of savings for more than 300,000 EV buyers since the new program launched at the beginning of this year.

The Department of the Treasury and the Internal Revenue Service (IRS) both announced this week that the new program, which aims to give car buyers their tax credits up front, has already immediately amounted to massive savings over hundreds of thousands of transactions for new vehicles.

A release from the two agencies yesterday detailed the amount that it has already saved car buyers, who no longer have to redeem their tax credit the following year:

“…the U.S. Department of the Treasury and IRS announced consumers have saved more than $2 billion in upfront costs on their purchase of more than 300,000 clean vehicles since January 1, 2024, marking a major milestone in the Biden-Harris Administration’s work to lower transportation costs for Americans.”

Last October, the Treasury and IRS announced a new guidance aimed toward lowering the cost for consumers to adopt sustainable powertrains would become available.

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It essentially meant tax credits would no longer have to be filed during tax season and instead could be given immediately when the car is purchased.

Buying an EV? You won’t have to wait for your tax credit anymore in 2024

It already has shown tremendous interest:

“Since this mechanism went into effect on January 1, 2024, more than $2 billion in financial benefits to consumers at the point-of-sale have been realized through the clean vehicle advance payment program for both new clean vehicles and used clean vehicles. Of the more than 300,000 advance payments that have been issued, more than 250,000 are for tax credits related to new clean vehicles.”

The press release said that 93 percent of new vehicle transactions and 85 percent of used clean vehicle transactions involve a transfer of credit to the dealer, which means the price of the car is immediately lowered by the amount of the credit.

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They can also have cash given with this program, so they can get a check cut to them for up to $7,500 for a new EV or $4,000 for a used one.

The program was already a drastic improvement from the past, as this truly expedited things for buyers and made the tax credit easier to obtain.

Nobody wanted to wait for it and if people can qualify for the full amount and take $7,500 off the sticker price of their car, it’s a win-win for everyone.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

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Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Tesla and Arevon team up on 172-Megapack solar plus project

One of Tesla’s largest Megapack sites, the Arevon Eland solar project is supported by an impressive 1.2GWh of Megapacks.

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Tesla Megapack
Credit: Tesla

Tesla and partner Arevon have completed the second phase of an energy storage site in Southern California, as highlighted in a short video shared this week.

On Monday, Tesla’s Megapack account on X posted a brief video on the Kern County, California “Eland” storage site, which was recently expanded to offer 300MW/1.2GWh of Megapacks supporting 758MW of solar. The so-called “Eland Solar-plus-Storage Project” site now features 172 Megapack units and 1.36 million solar panels, which the companies have previously said is roughly enough to power 200,000 homes annually.

In the video, Tesla also notes that the facility has site-level controls to regulate power output, “providing a firm resource to the grid,” and supporting the Los Angeles climate goal of reaching 100-percent renewable electricity by 2035. You can check out the clip below.

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READ MORE ON TESLA MEGAPACKS: Tesla Megapack project in California housed in former steam plant

Arevon announced the official start of operations for Eland 1 in December with 150MW/600 MWh, and the Eland 2 phase has effectively doubled this. The company also appears to be on track for its targeted opening of Eland 2 in Q1 this year, though it’s not clear at the time of writing if Arevon has yet announced a start of operations for the second phase.

Last February, Arevon announced that it secured a $1.1 billion financial commitment for the remaining parts of the Eland 2 Solar-plus-Storage project, together with Eland 1 becoming one of the largest solar-plus-storage installations in the U.S. The projects also include a long-term purchase agreement from the Southern California Public Power Authority, which plans to facilitate contracts for the LA Department of Water and Power and Glendale Water and Power.

Tesla’s grid-scale Megapack batteries can store and deploy generated energy to the electrical grid, especially during periods of peak power usage, high demand, or outages. Coupled with solar or other energy sources in these kinds of solar-plus-storage sites, Tesla’s Megapacks can help support renewable energy for long periods of time, or at least add stability to the grid.

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Over the past couple of years, Tesla has been deploying large-scale Megapack projects in markets around the world, as backed by an initial production facility in Lathrop, California. This “Megafactory” aims to eventually produce 10,000 Megapack units, or 40 GWh, per year, and it has been ramping up production since late 2022.

In November, the Lathrop Megafactory officially produced its 10,000th Megapack, and Tesla also started production at a second Megapack plant in Shanghai, China last month, after starting construction on the site last May. The Shanghai Megafactory is also expected to have a volume annual production of 10,000 units per year.

Additionally, Tesla has teased plans for a third Megafactory, though it has yet to disclose where such a facility would be built.

Tesla’s massive Megapack site near Melbourne is almost ready

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Tesla reveals Cybercab battery pack and range efficiency

Tesla aims to make the Cybercab the most efficient EV available, as executives revealed in an interview this week.

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Two of the top Tesla executives recently spoke about the Cybercab in an interview with a longtime manufacturing industry expert, sharing details about the electric vehicle’s (EV’s) battery pack size, range, and more.

On Monday, Tesla’s VP of Vehicle Engineering Lars Moravy and Senior Design Executive Franz von Holzhausen told manufacturing industry veteran Sandy Munro that Tesla is targeting a battery pack of under 50kWh for the Cybercab, with “close to” 300 miles of real-world range. This would make the two-seater more efficient than any other EV currently in production, partially due to the two-seater’s highly-aerodynamic design.

Munro says he was expecting a battery pack ranging from 55kWh to 60 kWh, noting how much smaller Tesla is aiming to go. Before revealing the range targets, Moravy also detailed how the Cybercab’s aero wheel covers offer optimal aerodynamics to contribute to the impressive efficiency level.

“As much as Franz hates door handles, I hate the wheel-tire interaction, and this is really the best way for us to get the most aerodynamic wheel-tire we could get,” Moravy explains.

From the wheel covers to the overall design, however, von Holzhausen explains how much thought has gone into making the vehicle so efficient—even down to its shape.

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“This car is actually really unique in terms of its teardrop shape,” von Holzhausen said. “It’s actually quite narrow in the rear compared to the front. Obviously, you covered the discs, but the aero efficiency is a huge factor in getting to higher range with a smaller battery pack.”

The fact that the vehicle only has two seats also contributes to some of the design choices Tesla was able to implement, as the executive continues to explain.

“Really, because it’s a two-seater we were able to really narrow the hips on this car, and when you come to the rear, you actually start to see how narrow it is, but it’s not unattractive,” he adds.

Credit: Tesla | X

READ MORE ON TESLA CYBERCAB: Tesla reveals design inspiration behind Cybercab’s gold color

Moravy reiterates that Tesla is already starting to install production equipment for the Cybercab at Gigafactory Texas, which was revealed in a shareholder’s letter in late January. He also echoes plans that Tesla is aiming for prototype builds for the Cybercab by this summer, along with a launch event around early 2026.

In recent weeks, increasing numbers of Cybercabs have also been seen testing at Giga Texas, and longtime drone pilot and factory observer Joe Tegtmeyer said that he saw as many as six driving around the site on Monday.

Last month, Moravy also alluded to plans to make the Cybercab “road-trip-capable,” going long distances with wireless charging along the way to make it completely autonomous for passengers.

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Along with talking about the Cybercab’s super-efficient design, the two executives also reiterate discussions about the art deco-inspired design of the robotaxi and the larger Robovan, both of which were unveiled in an event in October. Munro and the executives also go on to sit inside the Robovan while talking a bit about its design.

You can see footage from Teslarati‘s first full ride in the Cybercab below, as captured at the “We, Robot” event in Southern California. Or, check out the full Cybercab and Robovan episode from Munro, Moravy, and von Holzhausen below that, clocking in at just under 25 minutes.

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Tesla says its Cybercab wireless charging efficiency is ‘well above 90%’

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SpaceX rescue mission for stranded ISS astronauts nears end — Here’s when they’ll return home

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Credit: SpaceX

SpaceX is ready to bring home Butch Wilmore and Suni Williams, the two astronauts that have been stranded on the International Space Station (ISS) for nine months.

Last week, SpaceX launched its Crew-10 mission, which would dock onto the ISS late Saturday night and be the two astronauts’ ride home. Now, the end is in sight, and it appears both NASA and SpaceX are planning to have the two home this week, perhaps earlier than expected.

SpaceX readies to rescue astronauts from International Space Station

The agency and the company have announced that Dragon will autonomously undock from the ISS on Tuesday at 1:05 a.m. ET and should re-enter Earth’s atmosphere and splashdown off the Florida coast about 17 hours later.

SpaceX said:

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“SpaceX and NASA are targeting Tuesday, March 18 at 1:05 a.m. ET for Dragon to autonomously undock from the International Space Station. After performing a series of departure burns to move away from the space station, Dragon will conduct multiple orbit-lowering maneuvers, jettison the trunk, and re-enter Earth’s atmosphere for splashdown off the coast of Florida approximately 17 hours later the same day.”

Crew-9 astronaut Nick Hague will be alongside Williams and Wilmore on the flight home, along with Roscosmos cosmonaut Aleksandr Gorbunov. Hague and Gorbunov have been in space since Saturday, September 28.

SpaceX was tasked with bringing Wilmore and Williams home after the Boeing Starliner that sent them there was determined not to be suitable for their return.

A report from the New York Post in late August said that Boeing employees routinely made fun of SpaceX workers, only for the company to bail them out:

SpaceX bails out Boeing and employees are reportedly ‘humiliated’

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Crew-10 will bring the astronauts home, ending an extensive and unscheduled stay in space.

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