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Tesla : Tax Credit for $35,000 Tesla Model 3 Slips Away -- Overheard

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10/12/2018 | 01:14pm EDT

By Charley Grant

Consumers who wanted to apply a full federal tax credit to buying a $35,000 Tesla Model 3 sedan appear to be out of luck.

The electric-car maker said on its website that orders placed by Monday will be delivered by the end of 2018 and therefore are eligible for the full $7,500 federal tax credit. Under rules set by the Internal Revenue Service, they will only get a credit half as large starting next year because Tesla has sold more than 200,000 vehicles in the U.S. Eventually the credit will disappear altogether.

But Tesla, which first announced it would sell a $35,000 car and take refundable customer deposits in March 2016, is still only selling pricier versions of the car at $49,000 and up.

It is unclear how many deposit holders are still waiting for their cheaper car. Tesla didn't respond to a request for comment, but the number is likely substantial: Tesla had only delivered about 84,000 Model 3s as of September; over the summer Tesla said its reservation count stood at "roughly 420,000."

Tesla says on its website that the standard battery version of the car will be available in three to six months. On the bright side, that delay gives prospective buyers more time to save up.

Write to Charley Grant at charles.grant@wsj.com

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Financials ($)
Sales 2019 27 849 M
EBIT 2019 1 400 M
Net income 2019 348 M
Debt 2019 7 380 M
Yield 2019 -
P/E ratio 2019 178,52
P/E ratio 2020 44,42
EV / Sales 2019 1,92x
EV / Sales 2020 1,59x
Capitalization 46 198 M
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Technical analysis trends TESLA
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 29
Average target price 328 $
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
Elon Reeve Musk Chief Executive Officer
Robyn M. Denholm Chairman
Deepak Ahuja Chief Financial Officer
Jeffrey B. Straubel Chief Technology Officer
Gary Clark Chief Information Officer
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