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Tesla Still Has Over 3,000 Models 3s in US Inventory

01 January, 2019, 14:00 | Author: Sara Gill
  • Tesla names Larry Ellison to board

These incentives including a federal EV tax credit of up to $7,500 on the purchase of a qualifying vehicle, which essentially lowered the up-front costs of plug-in or fully-electric vehicles.

However, Electrek's report downplayed the issue, pointing out that European and Asian markets are still untapped for the Model 3, so that's where the new cars will most likely go. However, the automaker clarified that it is possible to buy from established inventory and still get tax credit if the purchase is consummated by year's end.

Tesla Inc has named Oracle Corp co-founder Larry Ellison, a shareholder and self-described close friend of Chief Executive Elon Musk, to its board to provide the independent oversight demanded by USA regulators after Musk tweeted about taking the electric carmaker private. Visit MarketWatch.com for more information on this news. It can take weeks or months between the time a Tesla is ordered and when it's delivered.

The company had earlier said it was "doing everything" to ensure those who ordered a vehicle as late as December 20 could take deliveries by December 31 and Musk has promised to reimburse customers if delivery delays cause them to miss out on a significant tax credit.

Customers who take delivery of their cars between January 1st and June 30th, 2019, will only be eligible for a $3,750 tax credit.


However, for those owners who might change their minds about purchasing a Tesla with the tax credit being halved this week, Musk promised to cover the tax difference in a post this week on Twitter, as the company ramps up efforts to deliver cars to new customers before the deadline.

General Motors (GM) is next up for the phase-out of the tax credit.

Mr Musk and Tesla reached the settlement with the SEC on September 29.

The report said Tesla is expected to deliver some of those vehicles on the last day of the year, but it quoted sources as saying that the US car-maker would find it hard to go through the whole inventory.

Baird analysts said Monday they would be buyers of any weakness in Tesla shares, after a report that the company has more than 3,300 Model 3 vehicles in inventory as of Sunday.

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