Tesla customers could lose thousands in tax credits next year

by Ben Pena July 16, 2018, 2:04
Tesla customers could lose thousands in tax credits next year

In an interview with Bloomberg, Tesla CEO Elon Musk said "we were huge idiots and didn't know what we were doing" when redesigning the production process for the company's Model 3 sedan.

Electric automaker Tesla has hit a production threshold that will phase out a key tax credit for new vehicle owners.

"It was long a plan and expectation that Tesla would open a plant in China", said Efraim Levy, an analyst at CFRA Research. It says production would begin three years after that and eventually increase to 500,000 vehicles annually.

Though Musk believes keeping Tesla's production numbers stable has left the company with "one foot left in hell", he's optimistic that Tesla won't face another existential crisis.

The step is logical for a company that looks to China as its No. 2 market.

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Any sharing of technology by Tesla with a Chinese partner is a matter that's "subject to negotiation", Huang Ou, deputy head of the Shanghai government's economy and information technology commission, said on Wednesday at an event in the city.

Tesla's estimated 2017 sales of under 15,000 vehicles gave it a market share of under 3 percent. As Tesla wrote in an annual report filed with the US Securities and Exchange Committee in February, its customers get the full $7,500.

Until about a month ago, Tripp worked at the Tesla Gigafactory battery plant in Reno, Nevada, but he was sacked and subsequently accused by the automaker of committing sabotage in a lawsuit Tesla filed in federal court.

"I think that you'll see something similar to what they did in Nevada, with a partner like Panasonic", said Mr Kallo, referring to the gigafactory that Tesla and its Japanese battery-cell supplier operate along near Reno. -Chinese trade tensions and follows Beijing's decision in April to end restrictions that required foreign automakers to work through joint ventures with local partners. Owners will be able to claim the full $7,500 federal tax credit for vehicles delivered through December 31, 2018.

For Tesla, speculation in recent weeks about whether Elon Musk's EV maker has or hasn't reached that figure was almost as ripe as whether it would be able to reach the 5,000-per-week Model 3 production target.

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