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Frightening EV Credits

LordUlhtred

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https://www.congress.gov/bill/117th-congress/house-bill/5376/text

That is the link to the text on Build Back Better act.

The SUV MSRP limit of $69,000 remains (Prospective R1S buyers got shafted unless Rivian is willing to lower the MSRP).
The Truck MSRP limit of $74,000 remains unchanged As well.

As a R1S reservation holder this blows…Although, this is not final so potentially can still change but i personally don’t think it will.
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CommodoreAmiga

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If the MSRP is based on the lowest model trim, this means that the R1T would qualify since the Explore starts at $73k and the R1S missed the cutoff by $1k since the Explore version starts at $70k. This leaves me with a hard decision. Should I change my LE R1S to a LE R1T, if it means I get the tax credit. I just chatted with CS and confirmed that we can keep our LE and change models between the truck and SUV.
R1T Explore starts at $67,500.
R1T Adventure starts at $73,000.
 

Sgt Beavis

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https://www.congress.gov/bill/117th-congress/house-bill/5376/text

That is the link to the text on Build Back Better act.

The SUV MSRP limit of $69,000 remains (Prospective R1S buyers got shafted unless Rivian is willing to lower the MSRP).
The Truck MSRP limit of $74,000 remains unchanged As well.

As a R1S reservation holder this blows…Although, this is not final so potentially can still change but i personally don’t think it will.
The last action on that was 9/27. I doubt the House has updated it yet.
Also, this is a framework for the final bill. There are several things that can still be negotiated.. The final max sale price is probably one of those items.
 

timf

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The last action on that was 9/27. I doubt the House has updated it yet.
Also, this is a framework for the final bill. There are several things that can still be negotiated.. The final max sale price is probably one of those items.
Agreed, the terms everyone is quoting sounds like the proposal from a month ago. I would expect the updated proposal to be different.

If the MSRP limits really do hold though, I would have no choice but to switch from R1S to R1T. I don't really need a truck, but I don't need 7 seats either, and R1S doesn't give me anything extra worth paying $10k more for.
 

TXR1S

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Agreed, the terms everyone is quoting sounds like the proposal from a month ago. I would expect the updated proposal to be different.

If the MSRP limits really do hold though, I would have no choice but to switch from R1S to R1T. I don't really need a truck, but I don't need 7 seats either, and R1S doesn't give me anything extra worth paying $10k more for.
October 28th, right up top.

https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-117HR5376RH-RCP117-17.pdf

Relevant section starts on page 1240.
 

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Longhorngirl

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R1T Explore starts at $67,500.
R1T Adventure starts at $73,000.
Whoops. Got it. So potentially, the R1T could get the tax credit and not the R1S. I am glad that I can keep my LE if I switch, but I don’t understand why the MSRP cap in the bill for the truck is higher than the SUV. SUVs in general are more expensive than trucks.
 

ggreeneva

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Rivian R1T R1S Frightening EV Credits Screen Shot 2021-10-28 at 4.50.07 PM

From Page 1243 of the House bill

Presuming that the rebate would work as it does in other countries — with eligibility set according to the base MSRP — Rivian has a pretty straightforward workaround available for R1S sales.

First: announce and begin accepting pre-orders for the standard-pack model;

Second: set its price, with the Explore trim, well beneath the cap — say, at $65,000.

No further fiddling with software-limited batteries or other trickery would be required. The standard-pack Explore R1S would simply take over from the large-pack version as the base model.

(You're welcome for the advice, RJ. ?)
 
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endress14

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I think the current proposed limit is 400k for an individual. That is the 99th percentile in the US. so it impacts very few people. Not no one, but very few. The vehicle price limits are the much more restrictive part of the proposal.
I agree that the income limits don’t impact many, but that doesn’t mean it doesn’t have an impact on some of us. What I don’t want to happen, depending on how this legislation plays out, is a situation where the tax credit effectively goes up and Rivian increases prices accordingly to have a net neutral effect on those that can take advantage of the credit, and hose those of us that can’t.
 

eggpaul

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If it does pass when would it take effect? Just wondering if I should remove an accessory (truck is currently at $74,475) to get below $74k.
 

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jjswan33

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The last action on that was 9/27. I doubt the House has updated it yet.
Also, this is a framework for the final bill. There are several things that can still be negotiated.. The final max sale price is probably one of those items.
Just reminding everyone. I didn’t bring this up today because it was final but because it isn’t final. If you don’t like it please contact your senators and congress reps.
 

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Well dang.. Thanks for the link. There is no mention of 2500 for US built cars and 2500 for Union built cars. I wonder where CNET got that info? Anyways, it can still change up a bit as long as it follows the agreed framework. We shall see..

If it does pass when would it take effect? Just wondering if I should remove an accessory (truck is currently at $74,475) to get below $74k.
I got the Explore package. That let me have the colors I want with extra goodies, like the crossbars. The Adventure pack doesn't let me add AT tires or the off road package. My plan had been to move to the Adventure pack if the price cap had been removed. Oh well.
 

Diddy123

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I'd have to drop the Off-Road package, and some number of accessories to keep the LE under the cap. Annoying, but an easy choice to make to save $7500.
 

Blur1t

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Income limits are also too basic of a factor and don't account for the fact that all incomes don't have the same power across the country and in all family arrangements. $100k for a single individual living in Iowa is very different than $100k for a single parent of two living in California. Not to mention a fair number of young adults with $100k plus salaries, if they have them at all, are saddled with education debt.

If there are going to be bare income limits, they need to be high enough to account for the cost of living, and raising a family, in the more expensive parts of the country. Maybe that number is $400k
This is the correct way to deal with anything the government says it will "give" you.

Any other expectations are wishful thinking.
Totally agree!
 

Blur1t

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R1T Explore starts at $67,500.
R1T Adventure starts at $73,000.
That’s what I’m screaming, as a tax professional I’m going with that.
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