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Let Us Sign Buyers Agreements: A Letter to RJ

atebit

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Unfortunately no. Different components have different effective dates.

Default date for all provisions (MSRP cap, Income limits): 12/31/22.

Exceptions:

(2): Assembly in USA requirement: applies to old credit upon bill signature (date of enactment).

(3): Battery mineral origins and battery assembly component origin requirements: applies to whatever credit is in place upon guidance being issued by Secretary of Treasury (estimated sometime before end of year but specific date unknown- this is the biggest risk).

(4): credit refundability: applies starting 2024

(5): removal of 200,000 vehicle cap: applies to vehicles in service after 12/31/22 (no affect on Rivian).

so any vehicle in service before end of year qualifies, with the 4 caveats above.
u 4got teh transition clause words.
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McMoo

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Thanks I leveraged (copied) your message and sent it.

Am I correct that there’s no delivery date requirement? So if Rivian allows us to sign an agreement it doesn’t matter if delivery occurs in 22, 23, 24 or even later…although it later they are probably going out of business.

(l) TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that—

(1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as de-
fined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and
(2) placed such vehicle in service on or after the date of enactment of this Act,
such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Sec- retary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.
 

moosetags

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I am on-board with this also. I would be glad to sign a binding agreement.

Brian
 

tonys

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I too am fully on board with a buyers agreement and will be sending the drafted communication. Thx OP for taking the time to create it.
 

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SASSquatch

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I sent my own letter to Rj and Customer Service.

Hopefully, given the proactive actions Fisker has taken, RIVIAN will follow suit and allow us to convert our orders to binding purchase agreements.
 

Jac

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I too sent an email to RJ today encouraging Rivian to offer preorder holders the opportunity to execute binding purchase agreements before the new legislation is signed by President Biden.
 

Jac

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Senate just rejected a couple of minutes ago a bill endorsement proposal from Sen. Fischer of Nebraska that would have further restricted EV tax credit eligibility.

NY Times coverage:

“Another amendment from Senator Deb Fischer, Republican of Nebraska, would limit the use of the electric vehicle tax credit and prohibit it from being used for any vehicle costing more than $42,000. The average price for an electric vehicle in the United States is about $66,000, compared with $46,000 for all new cars.

It also would limit the tax credit to buyers with an annual income of less than $75,000.”
 

Aroohoo

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I'm taking a lets see what happens with all of the amendments being proposed, and then again what the house might do it.

That said, I'm more than happy to sign a binding agreement knowing full well that all it does is give an opportunity to realize a savings. At this point we don't know what actually gets into the signed language and how the various alphabet soup agencies will apply the law. However, given that we know there is a clock ticking base on current wording between know and when it gets to Biden's desk accelerating a PBA or whatever it may look like is something that I'd be willing to sign up for.
 

sevengroove

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Has anyone considered that, even though Rivian certainly would prefer to have the law allow them to be included with continuing to have access to the $7500 credit, this may be a bit of a quandary for them? If they do nothing, and as a result a percentage of reservation holders who are locked in at the old price cancel their orders this could benefit them. Then they don’t have the bad press/blame but get a number of those orders that aren’t profitable, or profitable enough) off the books. This is playing devil’s advocate in a way but just a thought.
Maybe, but consider that someone locked in at pre 3/1 pricing might on average have more of a price buffer than a newer reservation. On the whole I do think they would lose reservations, but it's hard to say whether a majority of the cancelations would be pre-3/1 or post.

Besides, pre-3/1 orders always have the option of selling the Rivian for a profit on day 1, federal credit notwithstanding.
 

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TexasBob

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Well deal is done, bill has passed the Senate. Scheduled to pass the House on Friday then off for a quick signing (prob Saturday). Clock is now officially ticking for Rivian to get this sorted in the next five days. (R.J. has not proven to be especially adept at working to a deadline...)
 

Rivian_Hugh_III

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Thanks I leveraged (copied) your message and sent it.

Am I correct that there’s no delivery date requirement? So if Rivian allows us to sign an agreement it doesn’t matter if delivery occurs in 22, 23, 24 or even later…although it later they are probably going out of business.

(l) TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that—

(1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as de-
fined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and
(2) placed such vehicle in service on or after the date of enactment of this Act,
such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Sec- retary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.
Is the "date of enactment of this act" the day the president signs it or January 1, 2023?
 

SASSquatch

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Perhaps I am missing something but, if the goal is to promote EV purchases why not make it easier for everyone to buy EVs. The price and income limits seem counterintuitive.
Pay the man!
 

Rivian_Hugh_III

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Perhaps I am missing something but, if the goal is to promote EV purchases why not make it easier for everyone to buy EVs. The price and income limits seem counterintuitive.
I believe the law is designed to incentivize the behavior of individuals and manufacturers.

The price limits encourage manufacturers to build less expensive vehicles. The income limits presume that "rich people" will buy what they want whether there are incentives or not; they also encourage manufacturers to focus on the middle class. The battery thresholds incentivize the US manufacture of batteries.

Meanwhile I’m about to pull the plug on my Max Pack dreams. :crying:
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