Official email from Rivian offering Binding Purchase Agreement

[Max]

Agreed. The investors already understand that they're going to lose more money on the early adopters, so there's not a lot of upside and make people mad again by raising prices.

Wouldn’t investors be more upset by selling vehicles at half the cost in 24?

The real question is, are you willing to risk $100 to potentially save $7500?

or is it, am I going to risk losing $75,000 to save $7,500? I know Rivian likely wouldn’t hold us to it but they can.

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[schalliol]

Wouldn’t investors be more upset by selling vehicles at half the cost in 24?

Well, they tried to raise the price and then decided they'd walk that back. I think investors might believe getting all these folks waiting for years to be angry and bashing the company online after going back on the word from earlier this year would destroy more value.

 

[electruck]

or is it, am I going to risk losing $75,000 to save $7,500? I know Rivian likely wouldn’t hold us to it but they can.

Please consult an attorney if you are concerned but the $100 non-refundable deposit is the remedy for breaking the contract. They aren't going to take customers to court to force them to buy a vehicle, would be bad for business.

 

[Zoidz]

Does this mean that if you sign, you are locked into the old tax incentive, or you have the option of using the new rules in 23 with at the point of sale reduction? I meet the income and price limit and mineral issue is potentially the main difference.

p.s. I have not received the email so it may not matter if I don’t get it soon.

Signing now only locks you into an agreement with Rivian with $100 at risk. Signing the agreement now in no way affects your tax decision as to whether you submit under the old/transition criteria, or choose the new criteria, or submit no tax credit at all.

 

[Zoidz]

Signing this sounds like signing a Blank check hoping Rivian put a number on it you will be OK with.

Rivian has always had the option to change prices, as we have seen in the past. Don't sign it - you are still in the exact same situation where Rivian *could* change the price.

 

[TollKeeper]

Just for clarification

My build is under the 80k price cap, and I am WELL below the income limit.

So in either case I would still qualify, wouldnt I?

 

[Speedrye]

Just for clarification

My build is under the 80k price cap, and I am WELL below the income limit.

So in either case I would still qualify, wouldnt I?

You might qualify, but the truck likely won't meet the new requirements for the new tax credit, so no money for you under the new law.

 

[TollKeeper]

You might qualify, but the truck likely won't meet the new requirements for the new tax credit, so no money for you under the new law.

So a follow up question..

We have seen where people are being offered R1's that are not quite what they ordered. How does this affect things?

 

[BigSkies]

Signed, but highly skeptical I'll get my R1S by the 12/31/2023 deadline to qualify.

 

[TXR1S]

Signed, but highly skeptical I'll get my R1S by the 12/31/2023 deadline to qualify.

There is no 12/31/23 deadline.

 

[freshpow]

Signed, but highly skeptical I'll get my R1S by the 12/31/2023 deadline to qualify.

There is no such deadline. Please stop spreading misinformation!

 

[Speedrye]

So a follow up question..

We have seen where people are being offered R1's that are not quite what they ordered. How does this affect things?

My non-professional opinion? You signed an agreement to buy a Rivian. You bought a Rivian as promised. $7500 credit for you.

 

[Husker Charlie]

Does this mean that if you sign, you are locked into the old tax incentive, or you have the option of using the new rules in 23 with at the point of sale reduction? I meet the income and price limit and mineral issue is potentially the main difference.

p.s. I have not received the email so it may not matter if I don’t get it soon.

As someone said, you aren't locked into the old credit, but under the new Act, that's probably the only way you will qualify for one - that's why there's been such a mad scramble to get locked in under the old credit.

No question. I would be very surprised if the Senate approved version doesn’t quickly pass the House of Representatives tomorrow strictly along party lines.

My understanding is that the House is just calling for a simple up or down vote today, and not allowing any proposed amendments. It's gonna pass....quickly

Thanks for clarification. Some folks on the thread are under the impression that this binding cagreement does not help 24 deliveries. Do you think people like me (Explore R1S) that may not have a delivery until 24 are obligating themselves to a purchase with no tax incentive?

I keep seeing the same thing about 2024 deliveries, and I don't know if that came from a prior version of the Bill or what. However, the Transitional Rule in the Act simply says that to qualify for the old credit, you need a binding agreement before the Act becomes effective (i.e., Biden signs it) and then "placed such vehicle in service on or after the date of enactment of this Act." I don't see any delivery date limitation in that language, and I believe a 2024 delivery would still qualify.

 

[69LandRover]

Weird that customer support chat is currently offline

 

[Zoidz]

So a follow up question..

We have seen where people are being offered R1's that are not quite what they ordered. How does this affect things?

This is a binding purchase agreement to buy a Rivian vehicle, not specific features. The document we signed did not even specify an R1T vs an R1S......

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