Republican senators are intensifying their lobbying efforts to accelerate the removal of the IRS clean vehicle tax credit, which offers up to $7,500 for electric vehicle purchases. Originally set to expire at the year’s end, the credit might be eliminated by the end of September. This development has raised tensions between Tesla CEO Elon Musk and the Republican Party, with Musk publicly criticizing the budget bill and indicating the possibility of forming a third political party. The changes to the budget could severely impact Tesla's sales as eligible EVs would see price increases before the October 1 deadline.
The tax credit provides up to $7,500 off the price of an EV as long as certain conditions are met, and the language from the House would have given it until the end of the year.
Now, it might be gone by the end of September as Republican senators push for quicker eradication of the IRS clean vehicle tax credit under the budget bill.
Musk once again took to his social media platform to denounce the budget bill, threatening to form a third political party should it pass.
Changes to the budget would be quite deleterious for Tesla, as all the eligible EVs would become significantly more expensive on October 1.
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