If the new proposed EV tax break bill passes, electric Class 8 trucks like the upcoming Tesla Semi may knock off up to $40,000 from their sticker prices.
After a stalemate with Dem Senator Joe Manchin at the center was resolved with a new EV tax credit proposal, the Inflation Reduction Act of 2022, EV buyers have cause to celebrate, including potential Class 8 truck buyers. This type of heavy-duty vehicle is expensive, but the investment will be made easier to stomach for companies by up to a $40,000 tax break on each BEV truck.
PepsiCo and Walmart have already pre-ordered the Tesla Semi, which is expected to have a base price of $150,000 with a 300-mile driving range. However, there is a distinct possibility of Tesla increasing the price when production starts, given that other vehicles sold by the company have increased their prices.
The new bill provides a $40,000 tax relief or up to 30 percent of the total cost for commercial vehicles weighing over 14,000 pounds. Whichever of the two is lesser applies.
However, there is no way to say for sure if the Tesla Semi will qualify for the EV incentive just yet.
Some states are offering mouth-watering incentives for battery-powered Class 8 trucks, including California, which could knock off $120,000. Combined with the federal tax break, electric trucks may become even cheaper than a Tesla Model 3.