<div id="readability-page-1"><div><div><p>Authorities in Norway have proposed to revise incentives offered on EVs, in what could be a potential setback for <strong>Tesla Inc.</strong>'s (NASDAQ:TSLA) European goals as sales decline in the region.</p><p><em>Check out the current price of TSLA here.</em></p><h2>‘The Goal Has Been Achieved,' Norwegian Authorities Say</h2><p>Battery Electric Vehicles accounted for over 98% of total vehicles sold in the country during September, following which authorities in Norway said that the goal to transition to fully-electric vehicles &#34;has been achieved,&#34; Reuters reported on Wednesday.</p><p>&#34;Therefore, the time is ripe to phase out the benefits,&#34; the Scandinavian country's Finance Minister <strong>Jens Stoltenberg</strong> said in the statement.</p><p>Norway had exempted taxes on EVs applied to ICE-powered vehicles, but then introduced a 25% VAT (Value-Added-Tax) for EVs priced above 500,000 Kroner (approximately $49,500). The move affected the prices of high-end EVs. However, a revised proposal now suggests reducing the cap to under 300,000 Kroner (roughly $29,700).</p><h2>How It Could Affect Tesla</h2><p>Tesla's Model Y, which was the best-selling model from the automaker in the country and helped Tesla defy European sales slump, retails for 389,990 Kroner (approximately $38,600). Meanwhile, the Model 3 retails for 324,990 Kroner (approximately $32,200), meaning none of the Tesla vehicles now qualify for the incentives.</p><p>The rolling back of the incentives could affect the automaker's sales in a market that is usually pro-Tesla, as it has been in the Norwegian market for over 12 years and was the first country outside North America where Tesla introduced the Model S.</p><h2>Tesla Gigafactory Texas 500k Milestone, Germany Production Boost</h2><p>The news comes as Tesla's Gigafactory in Texas announced it reached the 500,000 units produced milestone recently. The factory primarily produces the Model Y and the Cybertruck.</p><p>Tesla's Gigafactory in Germany will also be ramping up production, citing positive feedback and increased demand from the markets it supplies to, according to the EV giant's head of production in the country.</p><p>Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. Tesla also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!</p><p><em>Check out more of Benzinga's Future Of Mobility coverage by</em><em> following this link.</em></p><ul> <li>Gary Black Says Tesla Has ‘Best Product,' Reiterates Importance Of Marketing For Elon Musk-Led EV Giant</li> </ul><p><em>Photo courtesy: Jonathan Weiss on Shutterstock.com</em></p></div></div></div>

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<p>Norwegian authorities have proposed cutting tax benefits for electric vehicles (EVs), which could hinder Tesla's sales in the region. The Finance Minister stated that the goal of transitioning to fully-electric vehicles has been achieved, prompting a phase-out of incentives. The new proposal suggests reducing the tax exemption cap for EVs from 500,000 Kroner to 300,000 Kroner, affecting Tesla's Model Y and Model 3, which no longer qualify for incentives. This change may impact Tesla's market position in Norway, where it has been a leading player for over a decade.</p>

- Norwegian authorities have proposed revising incentives for electric vehicles (EVs), potentially impacting Tesla's sales in Europe as the market sees a decline.  
- The proposed changes include introducing a 25% VAT on EVs priced above 300,000 Kroner, which affects Tesla's Model Y and Model 3, making them ineligible for incentives.  
- This shift comes as Tesla's Gigafactory in Texas reaches a production milestone, while the German factory plans to increase output amid positive market feedback.

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Tesla May Lose Key Norway Advantage As Government Proposes To Cut EV Tax Benefits