Rivian Plans To Recreation The System, Get Patrons Tax Credit score


Electrical truck maker Rivian is none too completely happy in regards to the passage of the brand new Inflation Discount Act, which places an $80,000 cap on the worth of autos eligible for the total $7,500 federal tax credit score. Most of Rivian’s vans are properly over $80K, however the firm assume it’s found out a solution to beat the system, and get pre-order holders a tax credit score, anyway.

“As I’m certain you’re conscious,” begins a doc reportedly despatched to Rivian CEO, RJ Scaringe, “the ‘Transition Rule’ within the handed laws permits for anybody with a “written binding settlement” in place earlier than the President indicators the invoice to have the choice to make the most of the present credit score. Your preorder holders have (principally) patiently borne the delays which might be inherent with a startup automobile producer. However these delays at the moment are placing us able the place many people could not be capable of undergo with our purchases in absence of the $7,500 tax credit score.”

Rivian’s plan: Shut the pending offers, now.

El Plan Comes into Focus

Rivian R1T

Picture by Jeff Johnson; courtesy Rivian.

Rivian pre-order holders have been bombarding the corporate with requests just like the one, above, to allow them to to begin the shopping for course of as quickly as attainable in a bid to get the credit score whereas the vans nonetheless qualify.  For its half, the truck maker says it’s, “working to assist preorder holders and prospects receive a written, binding contract to buy and safe EV tax credit score eligibility earlier than new restrictions take impact.” (Emphasis mine.)

The pondering right here is that, even when these prospects gained’t get their vans till subsequent yr, their binding contracts will allow them to make the most of the  present $7,500 tax credit score subsequent yr … however the important thing phrase right here is “binding,” and it’s unclear what may occur to shoppers who declare the tax credit score within the occasion that their Rivians fail to materialize within the allotted time.

Or what may occur to Rivian, for that matter, within the occasion that the shoppers who signal mentioned contracts are unable to satisfy them for no matter cause when it comes time to take supply!

That mentioned, if you wish to roll the cube and convert your Rivian per-order to a sale now, now, now – you could act quick! Your deal must be signed and sealed earlier than the Home of Representatives votes to go the Inflation Discount Act and earlier than President Biden indicators it into regulation. So, should you haven’t gotten an electronic mail the corporate, you may need to attain out to buyer assist ASAP to allow them to know you’re prepared to purchase.

 

Supply | Pictures: Rivian, by way of AutoEvolution.


 

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