Biden officials say Americans have scored $1 billion in EV tax credits this year
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 12 2024
0mins
Should l Buy TSLA?
Source: MarketWatch
- Buyers of Electric Vehicles and Tax Credit: Buyers of electric vehicles can now get a federal tax credit at the time of purchase since Jan. 1, thanks to new guidance from the Biden administration.
- Opportunity for Discounts: Shoppers have the chance to take up to $7,500 off the upfront cost of a new EV or up to $4,000 off a used EV.
- Treasury Department Announcement: The Treasury Department announced this new opportunity on Wednesday.
- Subscription Requirement: To continue reading more about this topic, readers are required to subscribe or sign in.
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Analyst Views on TSLA
Wall Street analysts forecast TSLA stock price to rise
30 Analyst Rating
12 Buy
11 Hold
7 Sell
Hold
Current: 398.730
Low
25.28
Averages
401.93
High
600.00
Current: 398.730
Low
25.28
Averages
401.93
High
600.00
About TSLA
Tesla, Inc. designs, develops, manufactures, sells and leases high-performance fully electric vehicles and energy generation and storage systems, and offers services related to its products. Its segments include automotive, and energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles, and sales of automotive regulatory credits. It also includes sales of used vehicles, non-warranty maintenance services and collisions, part sales, paid supercharging, insurance services revenue and retail merchandise sales. The energy generation and storage segment include the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Its consumer vehicles include the Model 3, Y, S, X and Cybertruck. Its lithium-ion battery energy storage products include Powerwall and Megapack.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Retail Investor Participation: Founder Elon Musk intends to reserve up to 30% of shares for retail investors, allowing the general public easy access to invest in SpaceX, thereby enhancing market engagement and public awareness.
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- Increased Industry Competition: Following the SpaceX IPO, Tesla's self-driving ambitions will likely accelerate, prompting competitors like Alphabet and Uber to ramp up their investments, further intensifying competition and technological advancements in the electric vehicle market.
See More
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- Low Participation: Only 22% of S&P 500 constituents outperformed the benchmark over the past 30 days, marking the lowest participation rate in three decades, which could hinder the sustainability of future rallies.
- Tech Dominance: The rally has been largely driven by the 'Magnificent Seven' tech stocks, including Meta, Microsoft, and Apple, as investor enthusiasm for artificial intelligence continues to propel their strong performance.
- Future Outlook: Despite the narrow nature of the current rally, analysts believe that market conditions are increasingly supportive of broader participation from other stocks and sectors, suggesting that a rotation beyond the largest index constituents may be necessary to sustain the next upward leg.
See More
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- Sales Rebound: Tesla's sales of China-made electric vehicles reached 79,478 units in April, marking a 36% year-over-year increase, indicating demand stabilization in a highly competitive market, especially after losing market share in 2025.
- Consecutive Growth: April marks Tesla's sixth consecutive month of sales growth, suggesting a strengthening recovery in the Chinese market, despite fierce competition from lower-priced Chinese EV manufacturers.
- Ongoing Challenges: Despite the year-over-year sales increase, Tesla's sales fell 7.2% from March, indicating that the market environment remains challenging, particularly with new model launches and increasing pricing pressures.
- Future Outlook: Tesla expects to receive full approval for its Full Self-Driving system in China by the third quarter, a development that could significantly impact future sales growth, prompting investors to monitor the company's ability to sustain growth amid intensifying competition.
See More
