Tesla Semi Trucks, Similar EVs to Get $40,000 Incentives in New Inflation Reduction Bill

Tesla Semi trucks and other similar electric vehicles (EVs) or massive all-electric trucks are getting up to a whopping $40,000 incentives with the newly proposed Inflation Reduction Act of 2022.

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Tesla Chairman and CEO Elon Musk unveils the new "Semi" electric Truck to buyers and journalists on November 16, 2017 in Hawthorne, California, near Los Angeles.

It should make commercial trucks, such as the Lion Electric truck, Tesla Semi, and Daimler Freightliner Cascadia, to name a few, significantly cheaper once it passes into law.

Tesla Semi Trucks, Similar EVs to Get $40,000 Incentives

According to a recent report by Teslarati, EV trucks, such as the Tesla Semi, are quite a hefty purchase.

In fact, the Tesla Semi costs a starting retail price of $150,000, which Teslarati notes is significantly more expensive than the fuel-powered options these days.

So fleet owners might think twice before getting their hands on all-electric trucks to ditch their diesel-powered vehicles. But that's not considering the savings that an EV brings sans the fuel costs.

Nevertheless, buying an electric truck sure does not come cheap.

But this time, the all-new Inflation Reduction Act of 2022, also known as the Schumer-Manchin reconciliation bill, seeks to make purchasing an electric truck more affordable than its current pricing.

As per the latest news story by Electrek, the new Inflation Reduction Act of 2022 offers massive incentives to "commercial clean vehicles," which includes electric trucks.

But the tax credit requires a few conditions.

Electrek notes in its news story that electric commercial vehicles, weighing less than 14,000 pounds could only get up to $7,500 incentives.

On the other hand, heavier electric trucks are getting heftier incentives.

The bill says that: "(A) in the case of a vehicle which has a gross vehicle weight rating of fewer than 14,000 pounds, $7,500, and (B) in the case of a vehicle not described in subparagraph (A), $40,000."

And as such, EVs like the Tesla Semi and the Freightliner Cascadia could get incentives of up to a hefty $40,000 with the new bill.

Tesla Semi Trucks

Given that the starting price of the Tesla Semi is to the tune of $150,000. The new bill proposes to bring it down by roughly $40,000, tumbling its price to only $110,000.

The cheaper cost of getting it might increase the demand for these all-electric trucks.

However, Electrek notes that the demand does not appear to be a problem these days.

It is worth noting that the Tesla Semi currently boasts thousands of reservations, but the production of the all-electric truck has yet to keep up with it.

This article is owned by Tech Times

Written by Teejay Boris