Tesla Cybertruck Officially Approved For $7,500 EV Tax Credit

But only if you buy one for less than $80,000.

Tesla Cybertruck

Mark Kane

By: Mark Kane

Dec 10, 2023 at 1:39pm ET

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The recently launched Tesla Cybertruck has been officially approved for the $7,500 federal tax credit in 2023.

According to the U.S. Department of Energy info, based on the Internal Revenue Service data as of December 7, 2023, two Tesla Cybertruck versions qualify for the full $7,500 incentive: the all-wheel drive version and the top-of-the-line, tri-motor Cyberbeast version, while the rear-wheel drive version has not been listed yet. This version is planned for 2025, so more clarity may come later.

The incentive is available only for pickup trucks with a price that does not exceed $80,000, which is probably the most crucial factor here because no Cybertruck sold in 2023 might meet that requirement.

According to Tesla's website, the base price of the initially launched Tesla Cybertruck Cyberbeast is $99,990. The Tesla Cybertruck AWD in theory would be eligible for the incentive, thanks to the estimated price of $79,990, but Tesla says that deliveries will only start in 2024. In other words, this year, there might be no tax credit for Cybertrucks right now, period.

Estimated Tesla Cybertruck prices (MSRP):

RWD: $60,990 (in 2025)
AWD: $79,990 (in 2024)
Cyberbeast: $99,990 (in late 2023)

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An interesting thing is that the Cyberbeast, with a price obviously exceeding the price cap, is listed by the IRS, but the similarly expensive Tesla Model X Plaid is not listed alongside the cheaper Tesla Model X Long Range AWD.

Granted, this information may only be useful for a few more weeks. The entire EV tax credit system is changing again in January when new rules around battery materials sourced from China go into effect. Check out our guide to those changes here. Until the whole car industry gets clarity this, only time will tell whether the Cybertruck, and other all-electric vehicles listed below will be eligible for the full tax credits in 2024.