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Tesla has made changes to its battery supply chain that bring some of its vehicles within the guidelines qualifying them for federal U.S. credits.

Tesla's Model 3 vehicles now qualify which could lower its price to less than that of a Toyota Camry.

The Biden administration on Tuesday confirmed that all Tesla Model 3 vehicles now qualify for $7,500 electric vehicle consumer tax credits after two of the three versions were eligible for half the credits.

New battery rules went into effect in April that lowered the credit of the Model 3 Standard Range Rear-Wheel Drive and Long Range All-Wheel Drive to $3,750.

TESLA OWNERS SUE CLAIMING SOFTWARE UPDATE KILLED EV BATTERY LIFE

Tesla Model 3 vehicles are shown for sale at a Tesla facility in Long Beach, California. (REUTERS/Mike Blake / Reuters Photos)

The government confirmed the change on its fueleconomy.gov website.

A Model 3 starts at $40,240 and the price may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements.

Toyota's Camry is listed at $26,320 and higher.

TESLA RAISES US PRICES FOR MODEL S AND X VEHICLES, REVERSING SIX CONSECUTIVE PRICE CUTS

Tesla CEO Elon Musk alongside the electric automakers logo. (Getty Images/AP / Getty Images)

In March, the Treasury Department outlined the sourcing requirements for critical minerals and battery components automakers must use in EV batteries to ensure eligibility for the full $7,500 credit. 

The Inflation Reduction Act President Biden signed into law in August was crafted to bolster domestic EV battery supply chains and reduce reliance on hostile nations like China.

A Tesla electric car sits in a charging station at a dealership. (AP Photo/Steven Senne / AP Images)

BIDEN ADMIN MOVES TO LIMIT EV TAX CREDIT ELIGIBILITY IN POTENTIAL BLOW TO CLIMATE AGENDATicker Security Last Change Change % TSLA TESLA INC. 221.31 +3.70 +1.70%

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Tesla may have dropped CATL in favor of Panasonic or LG Energy Solution for U.S.-made Model 3 Rear-Wheel Drive, the cheapest version, Benchmark Mineral Intelligence (BMI) analyst Caspar Rawles said.

Reuters contributed to this report.

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Business

Honeymoon couple unable to access their money online as Barclays suffers major IT glitch

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Honeymoon couple unable to access their money online as Barclays suffers major IT glitch

A newlywed couple say they have been locked out of their bank accounts while on their honeymoon as Barclays suffered a major IT glitch.

Read latest on Barclays glitch:
Bank tells customers to contact family or foodbanks

People were unable to access money overnight after the issue struck on what was payday for many British workers.

Hundreds of customers reportedly claim they are experiencing interrupted services and missing funds, with some alleging they have had no access to their cash for nearly 24 hours.

David Marsh and his wife, from Cumbria, told Sky News they’ve been experiencing problems accessing their money while on holiday in Australia to celebrate their marriage.

“I’m unable to receive money for my honeymoon into my current account or use my current account to clear my credit card before departing,” he said.

“My message to Barclays is: I’ve been a current account holder with Barclays since 1986. The day I return to the UK, I will be moving my current account to another provider and leaving them.”

More on Barclays

A closed Barclays branch in Swindon following the IT issues on 1 February 2025
Image:
A closed Barclays branch in Swindon following the IT issues

A sign at a Barclays branch in Swindon on 1 February 2025
Image:
A sign at the Barclays branch in Swindon advising customers

What has Barclays said?

Barclays has apologised to customers, saying the company is facing ongoing technical issues.

It warned that some people may see an outdated balance, and payments made or received may not show.

“We will ensure that no customer is left out of pocket,” the bank said in a statement on Saturday.

Mum ‘unable to buy milk’

A mother claimed she was unable to buy milk for her baby due to the IT glitch.

“My four-month-old is out of milk powder and screaming for a feed and I still haven’t been paid,” she said.

She added: “I’ve been in tears for hours.”

A Barclays branch in London. File Pic: AP
Image:
A Barclays branch in London. File pic: AP

‘Money never arrived in my account’

Karen Bannister, 52, from Wakefield, West Yorkshire, told Sky News: “I had transferred all my money into Barclays to cover paying for gas, electric, rent, petrol, food etc. The money never arrived in my Barclays account.

She added: “My card got declined at the supermarket which was completely embarrassing and by 9pm I was without heating because my gas had run out.”

“Yesterday was awful. Barclays need to pay compensation to those affected. People were without salary and some couldn’t pay their tax before the deadline.

“Following this, I’m leaving Barclays – and I’ve been a customer for 40 years.”

Read more from Sky News:
‘I bought my dream home for £35,000’
Should we be worried about our drinking water?

Frustrated customers have also been reaching out to Barclays support via social media.

“Due to you Barclays I’m left without money had a food shop due for delivery this morning which now will get cancelled, leave my four kids with no food it’s a joke as (it is) my money,” one X user claimed.

Another added: “How can I eat and keep warm if I can’t get to my funds?”

A third person claimed: “Well I’ve just had to put all my shopping back in Tesco never been so embarrassed in my life .. as can’t access my own money.”

The Down Detector tracker has shown more than 1,600 reports of outages for Barclays banking services since Friday.

In its statement on Saturday, Barclays said: “We’re incredibly sorry for the ongoing technical issues that are impacting our customers’ accounts.

“Some may see an outdated balance, and payments made or received may not show.

“We’re working hard to fix this issue, and customers should not try to make the payment again.”

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Politics

Wall Street is betting on $30T RWA tokenization market prospects

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Wall Street is betting on T RWA tokenization market prospects

Wall Street giants are betting on the projected $30 trillion RWA tokenization market as the industry sees explosive growth and widespread adoption across TradFi institutions.

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US

Trump says US airstrikes have ‘killed many’ ISIS terrorists

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Trump says US airstrikes have 'killed many' ISIS terrorists

Donald Trump has said “many” ISIS terrorists have been killed in caves by US airstrikes he ordered this morning.

Posting on his social media site Truth Social, the US president said: “This morning I ordered precision Military air strikes on the Senior ISIS Attack Planner and other terrorists he recruited and led in Somalia.

“These killers, who we found hiding in caves, threatened the United States and our Allies.

“The strikes destroyed the caves they live in, and killed many terrorists without, in any way, harming civilians.”

Mr Trump did not name any of the people targeted in the strikes or give further details about the location.

He said the US military had targeted the attack planner for years, but former president Joe Biden “and his cronies wouldn’t act quickly enough to get the job done”.

“I did! The message to ISIS and all others who would attack Americans is that “WE WILL FIND YOU, AND WE WILL KILL YOU!”

US special forces killed a senior ISIS leader and 10 other militants in a raid on a mountain cave complex in a remote part of northern Somalia in 2023, in an operation ordered by Mr Biden.

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