Tesla Inc. ( TSLA ) experienced a 1.44% increase in pre-market trading on Thursday, as per Benzinga Pro. The rise follows the announcement that the Cybertruck qualifies for a $7,500 electric vehicle consumer tax credit.

The U.S. government confirmed on its fueleconomy.gov website that customers taking delivery of the Cybertruck this year can receive the tax credit on both the dual motor and single motor variants. Although production of the single-motor variant has not yet begun, it will be eligible for the credit once sales commence.

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With the tax credit, the Cybertruck’s all-wheel variant’s effective starting price will be $72,490 for qualifying buyers, while the rear-wheel drive single-motor variant will start at $53,490 after deliveries begin. The Cyberbeast premium variant, priced at $99,990, will not qualify due to exceeding the $80,000 price limit.

Currently, all variants of the Model Y, Model 3, and Model X all-wheel drive variants sold in the U.S. are eligible for the $7,500 tax credit.

This follows a recent incident in Las Vegas where a Cybertruck caught fire near the Trump International Hotel. CEO Elon Musk addressed the issue on X, stating that the fire was caused by fireworks or a bomb, not a vehicle malfunction.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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