Tesla’s cheapest EV will get more expensive in 2024

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In the US, Tesla’s Model 3 still qualifies for the full $7,500 federal tax credit on electric vehicles—but not for long. Cars that take delivery by Dec. 31 are eligible for the entire credit under president Joe Biden’s Inflation Reduction Act (IRA). After that, the tax credit “will reduce to $3,750 for Model 3 Rear-Wheel Drive and Model 3 Long Range,” a banner on Tesla’s website warns. Advertisement While the world’s largest EV maker doesn’t cite a reason for the impending drop, it probably has to do with fine-tuning of the IRA. Advertisement Tesla’s most cost-effective vehicle may no longer...