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article imageSome Tesla stores to open New Year's Eve until midnight

By Ken Hanly     Dec 31, 2018 in Business
Tesla has over 3,000 Model 3 electric vehicles to try and sell before the federal tax credit for EVs is cut in half. After midnight tonight the tax credit will be cut in half, from $7,500 per Tesla to just $3,750.
44 Tesla stores to remain open until midnight New Year's Eve
Some Tesla sales people will bring in the New Year on the sales floor of the open stores as Tesla tries to sell off its inventory before the tax credit declines. No doubt other models too will be sold. Some stores in California, Minnesota, Nevada, New York and Ohio will be open. Calls to the stores indicated they had a mix of Model 3 sedans that could be picked up today. However the sales people did not give specific numbers. Tesla has more than 100 stores and galleries across the US.
Elon Musk Tesla CEO has warned for months now on Twitter that the tax credit will be halved. As of Sunday the company is reported to have more than 3,300 in inventory of Model 3 vehicles in the US according to Electrek. The company is making a last minute push to try and clear off this inventory before the tax credit is cut in half.
Tesla has delivered over 200,000 EVs
Earlier this year, Tesla reached a milestone when it delivered its 200,000th EV. This was noteworthy especially when the Tesla did not even exist just 15 years ago. However, once that level of sales is reached there is a countdown for the $7,500 tax credit. Tesla buyers must now take delivery of their new EVs by December 31. The tax credit will be reduced again after June 30 2019 to $1875 and will be ended entirely at the end of 2019.
Over the past months, the company has been doing everything it can to help people take advantage of the higher federal tax credit before the year end. No doubt this has created a surge in demand even though it has not yet liquidated all outstanding inventory especially of the Model 3 which is being massed produced. It was not long ago that there was a long waiting list for the vehicles. Musk has been promoting the fact that the company can deliver vehicles in the US by the end of the year.
Last week the company was even urging employees to buy the cars. It seems that the company will not be able to liquidate all its inventory by the end of the year. However, the inventory of the Model 3 represents only about half a week of production. Yet, many thought demand would outstrip production, but that has not happened.
Americans may be waiting for the cheaper model of the Model 3 but perhaps European and Asian markets may buy more Model 3s as US demand peaks. In January Model 3 production will begin in Europe but Tesla will no doubt have a few left to sell in the US.
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