Tesla Model 3 is already cheaper than Toyota Camry - California residents can buy an electric car for $25,240

Tesla Model 3 buyers in the US are eligible for a federal tax credit. But in some states

there are subsidies. So, in California, the Model 3 is already cheaper than the Toyota Camry.

What is known

The cost of Tesla Model 3 in the basic configurationis $40,240. The federal deduction reduces the cost of an electric car by $7,500. However, California residents can save another $7,500. Thus, the car will cost them $25,240, while the Toyota Camry starts at $26,320.

In the middle of the spring of this year came into forcenew rules for tax deductions. In this regard, buyers of the Tesla Model 3 in Standard Range Rear Wheel Drive and Long Range All-Wheel Drive configurations could count on a $3,750 subsidy.

An American company recently announced thatbuyers of any version are now eligible for a $7,500 discount. The US Department of Energy has already confirmed this information. Probably to meet the requirements, Tesla started using LG Energy Solution or Panasonic batteries instead of CATL batteries.

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