Trump to kill EV tax credit (11/14/24 article) -- [ADMIN WARNING: INFRACTIONS ISSUED FOR VIOLATING NO POLITICS RULE]

[StarTrekNerd]

Most Rivian’s don’t qualify anyways.

The leases qualify for the full credit.

The R2 and R3 would likely qualify for the credit.

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[StarTrekNerd]

Not great news although unsurprising. Stock off 10% now.

https://www.reuters.com/business/au...eam-aims-kill-biden-ev-tax-credit-2024-11-14/

We need to demand Rivian to open the R2&3 order book and allow orders to come in while the tax credit is still in existence.

 

[Jim4]

Would that matter? Don’t you need to actually purchase the vehicle in order to receive the tax credit?

 

[md2023]

You’re right, there is a psychological component to the tax credit disappearing. Just look at all the doom and gloom reactions to it on this thread. Perhaps the tax credit would play a role in affordability in the 25-45k dollar range but the fact remains that used cars are still an option for those people as well.

There are always going to be people who can afford the car at the price point without an incentive. The issue is most people simply cannot afford a car that’s 90k. When we get to the 25-45 bracket that’s a substantial chunk of the population who are shopping in that price range

Credit or not, the starting price of 45k for the R2 is going to open Rivian up to a large market. I’ve seen the production intent R2 and at that price range if it drives at all like my R1, it’s going to be popular credit or not. I don’t think the credit is make or break either way. Considering if Trump repeals it he will do so in a couple months, at least a year before R2’s release. That gives plenty of time for the psychological sting to wear off.

Good points. Don't disagree other than I believe the tax credit can help sell more EVs (especially in the 25-45 bracket and probably a bit higher, but not for a $90k vehicle), which is a good thing in my view (not a magical cure all wand).

 

[ebarke]

Would that matter? Don’t you need to actually purchase the vehicle in order to receive the tax credit?

No, if you have a binding purchase agreement. I got a full 7500 credit on my R1 (+interest), had to file an amendment on my prior year taxes (2022, purchased sept 23). So I was able to get the tax credit that was in place in 2022 before it was updated with the new rules that would have ruled out any tax credit based on price, etc. So, I was able to get a great deal, pre price hike and 7500 credit!

 

[SSteveEV]

No, they're going to introduce tax credits for those now. Maybe even a cash for EVclunker program.

Boy have I got a golf cart for them!!

 

[doit82]

Why should the 90% without an EV - pay for the middle upper class 10% buying EVs? - that never made since......

As to tax credits - the USA needs mfg back !!!! - There should be BIG tax credits for Everything MADE IN THE USA !!!!!!

(not assembled in the USA).

This is where the income limits and vehicle cost limits of the IRA make sense (although are not liked buy the majority currently buying EVs). We need to shift the ability to buy an EV to not only that top 10 or 20%, but everyone paying taxes.

 

[Jim4]

No, if you have a binding purchase agreement. I got a full 7500 credit on my R1 (+interest), had to file an amendment on my prior year taxes (2022, purchased sept 23). So I was able to get the tax credit that was in place in 2022 before it was updated with the new rules that would have ruled out any tax credit based on price, etc. So, I was able to get a great deal, pre price hike and 7500 credit!

Just seems like they are nowhere near ready to take orders though. We don’t even know the options for battery size, trim levels, options, etc let alone how they would price those for a car to be delivered almost 2 years from now. Seems infeasible.

 

[docwhiz]

This is where the income limits and vehicle cost limits of the IRA make sense (although are not liked buy the majority currently buying EVs). We need to shift the ability to buy an EV to not only that top 10 or 20%, but everyone paying taxes.

I might add that subsidies should also be given to those who don't pay (much) tax. They are the people who really need it.

 

[FinancialCents]

If the tax credit is eliminated, EV car manufactures might have to make hard decisions about the features in the vehicles in the $25k-45k price range. They will be more basic vehicles with inexpensive materials and components versus having fully loaded, luxury brand features.

 

[Kenmecca]

This also gets rid of used car EV credit so our resale value drops even more

 

[Honey]

No, if you have a binding purchase agreement. I got a full 7500 credit on my R1 (+interest), had to file an amendment on my prior year taxes (2022, purchased sept 23). So I was able to get the tax credit that was in place in 2022 before it was updated with the new rules that would have ruled out any tax credit based on price, etc. So, I was able to get a great deal, pre price hike and 7500 credit!

Yup, they ought to do this again!

 

[TerryInHouston]

This is where the income limits and vehicle cost limits of the IRA make sense (although are not liked buy the majority currently buying EVs). We need to shift the ability to buy an EV to not only that top 10 or 20%, but everyone paying taxes.

I agree - but it is not feasible - 40% of Americans live in an apartment - many low income - most with no charging infrastructure....

We the American People - need to bring all MFG back to the USA - not just electric cars. Tariff everything imported is my moto - screw the squid pro screw that we have seen the past 50 years and gave away all of our MFG and power to China !!!!

Subsidizing EDVs - which NONE are really made in the USA - they are assembled - helps NONE of the USA. I would say give 50% tax credit to MADE IN AMERICA if there were any.

 

[PeterSK]

The momentum for EVs has made the takeover inevitable. I don't think it matters too much at this point one way or another.

It is inevitable, but the speed with which it happens matters, both for manufacturers and the climate. BloombergNEF are already projecting that it will slow dramatically.

 

[savethemanual]

There's enough republicans who will block this, Trump can't do this on executive action alone. The revised EV credit with the IRA has brought in hundreds of billions in manufacturing investment to the USA....that's a lot of good jobs for American's. If anything, they will end the lease loophole.

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