According to Cox Automotive estimates, Tesla's U.S. electric vehicle sales declined by 8.4% during the same period, reaching 117,300 units. Since modern models do not qualify for federal electric vehicle tax credits, the company offers customers a $7,500 cash incentive or an equivalent leasing discount. Modern is also accelerating the construction of its electric vehicle manufacturing plant in Georgia, planning to start production of the 2025 Ioniq 5 in the fourth quarter of 2024 as the company seeks to qualify under the Inflation Reduction Act.

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