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IRA EV tax credits winning over more auto dealers in 2024

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According to the United States (US) Treasury Department, more auto dealers are signing up for the point-of-sale electric vehicle tax credit. 

In November 2023, the US Treasury announced that car dealers would receive direct tax credit payments, enabling them to offer customers immediate rebates at the point of sale. The Biden administration believes the initiative will help car dealers grow their business.

“Starting January 1, 2024, consumers will be able to choose to transfer their new clean vehicle credit of up to $7,500 and their previously owned clean vehicle credit of up to $4,000 to a registered car dealer. This provision of the Inflation Reduction Act (IRA) will effectively lower the vehicle’s purchase price by providing consumers with an upfront down payment on their clean vehicle at the point of sale rather than having to wait to claim their credit on their tax return the next year. Only vehicles purchased under the consumer clean vehicle credits are eligible for this benefit,” announced the US Department of Treasury.

In early December 2023, around 7,000 auto dealers signed up for the point-of-sale electric vehicle tax credit. Before the end of December 2023, 400 more dealerships signed up, increasing the number to 7,400. More than 1,000 auto dealers signed up for the initiative after it took effect on January 1, 2024. By Friday, January 5, 2024, the US Treasury reported over 8,700 dealers joined the point-of-sale electric vehicle tax credit initiative, reported The Hill.

The US Treasury and Internal Revenue Service (IRS) opened the IRS Energy Credits Online (ECO) portal to help dealerships implement the immediate rebate initiative and receive direct tax credit payments faster. Auto dealers will have a deadline of three days from the time of sale to submit a time-of-sale report. As of this writing, however, the IRS has extended the deadline for time-of-sale reports until January 16, 2024, to allow dealers to get used to the IRS ECO portal. 

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Interestingly enough, around the same time, the Biden administration rolled out its direct tax credit payments plan to auto dealers, over 3,000 dealerships signed a letter addressed to President Biden telling him that “enthusiasm has stalled” for electric vehicles.

“Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships — even with deep price cuts, manufacturer incentives, and generous government incentives,” said the letter.

Despite the letter’s words, auto dealers still seem willing to sell electric vehicles. The direct tax credit payments plan appears to have swayed some dealerships to keep selling electric cars, as it does address one of the main consumer concerns mentioned in the letter. In the letter to President Biden, dealerships claimed consumers thought EVs were not affordable

If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Twitter co-founder Jack Dorsey endorses Elon Musk Tesla pay package

Dorsey framed the pay package as an engineering and governance crossroads for Tesla.

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Twitter co-founder and Square CEO Jack Dorsey has publicly backed Elon Musk’s leadership ahead of Tesla’s pivotal shareholder vote, which is expected to be decided later today at the company’s 2025 annual meeting. 

Dorsey framed the pay package as an engineering and governance crossroads for Tesla.

Dorsey’s public nod framed as an engineering defense of Musk

In a post on X, Dorsey weighed in on Tesla’s post about being in a “critical inflection point.” As per the Twitter-co-founder, the vote on Musk’s 2025 performance award is not about compensation. Instead, it’s about ensuring the path for the company’s engineering in the coming years. 

“This is not about compensation. it’s about ensuring a principled (and exciting!) engineering approach to the company’s future,” Dorsey wrote on his post, later stating that users of Cash app with TSLA shares would be able to vote for the CEO’s proposed 2025 performance award. 

Elon Musk appreciated Dorsey’s endorsement, responding to the Twitter co-founder’s post with a heart emoji. Musk has been pretty thankful for the support for is fellow tech executives, also thanking Michael Dell recently, who also advocated for its proposed 2025 performance award.

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Musk’s support

While Elon Musk’s 2025 performance award has received opposition from proxy advisors such as Glass Lewis and ISS, it has received quite a lot of support from longtime bulls such as ARK Invest, and, more recently, Schwab Asset Management following calls from TSLA retail shareholders. 

“Schwab Asset Management’s approach to voting on proxy matters is thorough and deliberate. We utilize a structured process that focuses on protecting and promoting shareholder value. We apply our own internal guidelines and do not rely on recommendations from Glass Lewis or ISS. In accordance with this process, Schwab Asset Management intends to vote in favor of the 2025 CEO performance award proposal. We firmly believe that supporting this proposal aligns both management and shareholder interests, ensuring the best outcome for all parties involved,” Charles Schwab told Teslarati.

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Here’s what changed in the Tesla Cybercab since last year’s unveiling

The latest sightings suggest that the fully autonomous two-seater is now moving closer to production.

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Credit: wudapig/Reddit

An apparent production-ready prototype of the Tesla Cybercab has been spotted testing in public, and it revealed several subtle but notable design updates compared to its 2024 prototype. 

The latest sightings suggest that the fully autonomous two-seater is now moving closer to production.

Subtle design refinements

The new photo of the Cybercab prototype was initially posted on the r/TeslaLounge subreddit, where it proceeded to receive numerous responses. As per the user who posted the image, the photo was taken in California, and the vehicle was reportedly fitted with a steering wheel. 

Based on the image, the Cybercab appears to have received a revised tail design, which now rises slightly, likely to improve aerodynamics. Tesla also appears to have shortened the rear body panel below the lighting section. Other updates include a slightly redesigned rear bumper, red reflectors repositioned farther from the wheel arches, and unpainted side repeater cameras that seemed to have been moved slightly forward, likely for better visibility.

The Cybercab’s B-pillar has also been shifted forward and now sits slightly lower, accompanied by larger door panels that likely make entry and exit easier. The vehicle’s tires are no longer painted either, nor do they have an extended wheel cover. Interestingly enough, the prototype was also fitted with side mirrors, though these are likely just for regulatory testing purposes and would be removed in the vehicle’s final production version.

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An In-and-Out tease

At the end of October, the Tesla AI team teased some of the Cybercab’s progress with a lighthearted “Animal Style” Halloween post featuring the autonomous two-seater being driven through an In-N-Out drive-through by employees in costume. Longtime Tesla watchers noted that the In-and-Out photos continue a long-standing tradition of Tesla driving its prototypes through the fast food chain’s drive-throughs.

The In-and-Out photos of the Cybercab also revealed some updates that have been implemented on the vehicle’s front end. These included what appears to be segmented DRLs and headlamps, actual turn signals, and a splitter that’s a lot sharper. Some noted that the vehicle looks sharper than the prototypes from last year’s We, Robot event, but this also resulted in the Cybercab looking a bit less “Cyber” now.

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Tesla MultiPass in Europe expands, allowing ease of access to non-Tesla chargers

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Credit: TeslaCharging | X

The Tesla MultiPass program in Europe is expanding to new countries. The program was launched earlier this year to assist Tesla owners in having an easier charging experience at non-Tesla EV chargers.

In September, Tesla launched the MultiPass program to owners in the Netherlands, which aimed to enable charging for Tesla owners at third-party stations using the app or keycard. It was developed to avoid having to use multiple apps for each charging manufacturer.

Tesla launches MultiPass to simplify charging at non-Tesla stations

Both access and payment would be performed through the Tesla app, streamlining the entire process.

Today, Tesla expanded the program to Sweden, Germany, the United Kingdom, France, and Belgium, building on its initial rollout and partnering with companies like Fastned to improve EV roaming coverage across the continent.

The program is still in its early stages, and it appears to have some issues, which were highlighted by owners.

Some state that the different designs between chargers can create a bit of a hassle, especially as some do not properly display charging rates and inconsistent pricing displays.

Additionally, Tesla’s Trip Planner and other route planner integrations are not as descriptive as they should be, so some owners suggested reliability and visibility improvements.

Tesla partnered with Electrify America, Rivian’s Adventure Network, and other networks to expand charging availability and make options more readily available.

Tesla’s Supercharger presence in Europe has expanded quite a bit over the past few years, but EVs are much more prevalent there than they are here in the U.S. The company has done a great job of growing the Supercharger presence this year, and there are currently over 11,000 stalls on the continent.

This year, Tesla added 200 total stations and roughly 1,250 total stalls, a 16 percent increase from last year. Europe also has a high concentration of V4 Superchargers, as nearly 42 percent of the stalls on the continent are V4, giving higher charging rates of up to 500 kW.

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