Tesla Inc. launched a new $45,000 version of its Model 3 car on its website shortly after announcing the deadline for customers to receive full federal tax credit on their electric vehicle purchases.
In its website, the California-based electric-car maker said all customers are eligible for the full $7,500 federal tax credit "if they take delivery by the end of the year." The tax credit will drop to $3,750 for cars delivered from Jan. 1 to June 30, 2019, and to $1,875 for those delivered between July 1 and Dec. 31, 2019.
The new Model 3 version has a mid-range battery that can reach 260 miles and has a maximum speed of 125 mph. The Model 3 sedan comes in solid black, midnight silver metallic, deep blue metallic, pearl white multi-coat and red multi-coat. In September, Tesla CEO Elon Musk announced that the company is dropping obsidian black and metallic silver colors from its lineup to simplify manufacturing.
Also in September, Panasonic Corp. Executive Vice President Yoshio Ito told Bloomberg that the Japanese consumer electronics company will ramp up production of batteries for Model 3 cars, adding that Panasonic's batteries have been "the bottleneck for Model 3 production."
Meanwhile, Reuters reported Oct. 17 that U.S. Senator Dean Heller proposed a bill that would lift the current cap on electric vehicles eligible for tax credits.
Tesla hit the 200,000 vehicle cap in July, resulting in lower tax credits for cars purchased after Dec. 31.