Rivian Offers ‘Binding Contract’ to Maintain $7,500 EV Tax Credit Eligibility
Following the U.S. Senate’s passing of the $430 billion Inflation Reduction Act, one automaker is warning its customers about how they may be affected by new tax credit rules.
Rivian posted a page on its website explaining how the Inflation Reduction Act may affect buyer access to the $7,500 federal electric vehicle (EV) credit. While the act places more restrictions on eligibility, the automaker also shared tips for how preorder customers can still qualify.
Once the Inflation Reduction Act is officially signed into law, electric SUVs and pickup EVs below $80,000 qualify for the credit, for households making under $300,000 per year.
Rivian and XPEL Offering Paint Protection Film from $1,500 https://t.co/gHswMoRqvv
— TeslaNorth.com (@RealTeslaNorth) July 16, 2022
The page, entitled “How will the Inflation Reduction Act impact my eligibility for the electric vehicle (EV) federal tax credit,” also points out one way preorder customers can get in before the eligibility change takes place.
In the post, Rivian explains that reservation holders and preorder customers who have a “written binding contract” to purchase qualified EVs before the act is signed into law will still be able to apply for the tax credit per the new act’s rules. Essentially, customers after signing the contract will have a $100 non-refundable deposit as part of the agreement.
Rivian emailed reservation holders the option to make their reservations binding ahead of the IRA. Best $100 I ever spent pic.twitter.com/VWRyqPSMrt
— tyson jominy (@tyson_jominy) August 11, 2022
To be eligible to sign one of the binding agreements, new customers can simply place a reservation for either the Rivian R1T or R1S, which start at prices of $67,500 and $72,500, respectively.
Rivian is set to announce its Q2 earnings today at market close and Wall Street is paying close attention to whether or not the company has been able to ramp up production of its EV offerings.