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Tesla hits 200,000 U.S. sales, tax credit phase-out to commence

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Tesla has sold 200,000 cars in the US
Credit
Reuters

Despite an earlier announcement to build the newest production facility in Shanghai, Tesla's Chinese headquarters had always been in Beijing. On July 2, the company said it had made 5,031 Model 3s during the final week of June and 28,578 during the second quarter, more than it had made in the prior three quarters combined.

The milestone has been viewed as integral to CEO Elon Musk's Silicon Valley auto concern as it fights against new competition and makes a major stride into the mass market with its new sedan.

Tesla employees reportedly suffer unsafe working conditions at the company's main plant.

Fremont workers were invited to sign a poster proclaiming Tesla's new "5K Club".

Tesla has confirmed a phase-out schedule for federal income tax credits, which now serve as a $7,500 incentive to purchase any of the company's electric vehicles.

The factory will alter the geopolitical terrain of battery production.

Recently, though, leading manufacturers LG Chem and Samsung SDI have sold more of their product into their domestic market in South Korea, said GTM Research analyst Mitalee Gupta, who studies energy storage supply chains.

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The former Tesla employee who was sacked and then sued by the electric vehicle automaker has filed a formal whistleblower tip to the U.S. Securities and Exchange Commission alleging the company has misled investors and put its customers at risk.

Many states provide their own incentives up to a few thousand dollars; Tesla lists them here.

A Tesla spokeswoman confirmed the change to Green Car Reports, but declined to comment further. After Tripp left the company, Tesla had filed a case against him claiming that he has stolen the confidential information about the company along with several other trade secrets and shared them with other parties; the company also claimed $1 Million, according to the documents filed in the court.

For example, a buyer today who purchases a Model 3 for $50,000 (representing a long-range battery, rear-wheel drive vehicle with the required Premium Package), would get a tax credit that will bring the effective price down to $42,500.

Additionally, Tesla is gaining popularity in China.

Tesla has delivered 200,000 vehicles in the United States, exceeding the threshold above which federal tax credits for EVs start to phase out, a spokesperson for Tesla said on Thursday-and its website has updated its incentives schedule. Tesla raised prices on its Model S and Model X by amounts between $20,000 and $30,000, depending on the model.

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