A tax credit worth $7,500 for Tesla customers will end next year, the company confirmed Thursday.
Shares of the company sank 1.6% in trading following the news.
Also on Thursday, employees told Bloomberg Businessweek they were forced to walk through raw sewage on the factory floor.
Follow Tesla’s stock price in real-time here.
Shares of Tesla were down 1.7% in trading Thursday after it confirmed a lucrative tax credit will end next year, making its electric cars more expensive for potential customers. Additionally, a Bloomberg Businessweek profile outlined several possible safety hazards at Tesla’s factory.
Currently, people who purchase Tesla cars are entitled to an electric-vehicle tax credit from the federal government of $2,500 to $7,500. As Tesla wrote in an annual report filed with the US Securities and Exchange Committee in February, its customers get the full $7,500. But two calendar quarters after a company sells its 200,000th electric vehicle in the US, the tax credit begins to phase out.
For the first six months of the phaseout, customers are eligible for 50% of the credit. That falls to 25% during the six months after that. After the full year, the company’s customers are no …read more
Source:: Businessinsider – Politics