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Elon Musk says that Tesla pays customers for lost tax credits




Tesla Inc. founder Elon Musk speaks at the unveiling event of "The Boring Company" for the test tunnel of a proposed underground transport network over Los Angeles County in Hawthorne, California, USA December 1[ads1]8, 2018. Robyn Beck / Pool via REUTERS

( Reuters) – Tesla Inc ( TSLA.O ) CEO Elon Musk said that the electric car company will reimburse customers whose delays in car dealership cause them to lose a significant tax credit.

During a major tax overhaul carried out by the Republican-controlled US Congress last year, tax credit incentives are lowering the cost of electric vehicles available to the first 200,000 such vehicles sold by a car manufacturer. The tax credit is then reduced by 50 per cent every six months until it is phased out.

Earlier this year, Tesla said that orders for cars placed by October 15 would qualify for the full $ 7,500 tax credit and customers would receive their cars by the end of the year. As of January 1, 2019, the tax credit falls to $ 3,750.

With just a few days left in 2018, some customers were still waiting for the vehicles to use social media to complain about the delays and what they called a lack of communication by the company.

Answer on Saturday to a Twitter user who asked what would happen if the cars did not arrive in time, Musk replied: "If Tesla made delivery and could have made good faith efforts to receive before the end of the year, Tesla will cover the tax credit difference."

Also on Saturday, Musk on Twitter said that the company should have all orders for medium-sized model 3 – a mass market then that Tesla Hope is the key to success – delivered by the end of the year.

Reporting by Imani Moise; Editing by Daniel Wallis

Our Standards: Thomson Reuters Trust Principles.



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