DuoRivians
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https://www.chicagobusiness.com/manufacturing/rivian-says-its-vehicles-will-qualify-full-tax-credit
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Rivian says it expects its truck and SUV to qualify for federal tax electric-vehicle tax credits.
The company’s R1T and R1S models produced at its plant in downstate Normal weren’t on the initial list of vehicles that will qualify for tax credits under the Inflation Reduction Act, which included $370 billion in renewable-energy incentives for everything from hydrogen production to EVs.
The requirements to qualify for the tax credits are becoming increasingly stringent over time. Rivian was among several automakers who found their vehicles ineligible for tax credits under revised criteria announced Monday.
"Rivian has submitted updated documentation to the IRS stating that its 2023 R1T and R1S models qualify for the critical minerals sourcing criteria within the Section 30D Clean Vehicle Tax Credit which took effect on April 18, 2023,” Rivian said in a statement. “We expect this eligibility to be reflected on the IRS website pending future updates."
The federal government is offering tax credits of up to $7,500 to purchasers of EVs that meet certain criteria based on price and content of the vehicle. Incentives are crucial to driving long-term demand for EVs, although Rivian is somewhat insulated for now by a backlog of orders.
Under the new rules, EV buyers receive $3,750 for vehicles that have at least 40% of the value of the battery's critical minerals extracted or processed in the U.S. or in a country where the U.S. has a free-trade agreement, or from materials that were recycled in North America. Another $3,750 is available if at least half of the value of the EV's battery components are made or assembled in North America.
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Rivian says it expects its truck and SUV to qualify for federal tax electric-vehicle tax credits.
The company’s R1T and R1S models produced at its plant in downstate Normal weren’t on the initial list of vehicles that will qualify for tax credits under the Inflation Reduction Act, which included $370 billion in renewable-energy incentives for everything from hydrogen production to EVs.
The requirements to qualify for the tax credits are becoming increasingly stringent over time. Rivian was among several automakers who found their vehicles ineligible for tax credits under revised criteria announced Monday.
"Rivian has submitted updated documentation to the IRS stating that its 2023 R1T and R1S models qualify for the critical minerals sourcing criteria within the Section 30D Clean Vehicle Tax Credit which took effect on April 18, 2023,” Rivian said in a statement. “We expect this eligibility to be reflected on the IRS website pending future updates."
The federal government is offering tax credits of up to $7,500 to purchasers of EVs that meet certain criteria based on price and content of the vehicle. Incentives are crucial to driving long-term demand for EVs, although Rivian is somewhat insulated for now by a backlog of orders.
Under the new rules, EV buyers receive $3,750 for vehicles that have at least 40% of the value of the battery's critical minerals extracted or processed in the U.S. or in a country where the U.S. has a free-trade agreement, or from materials that were recycled in North America. Another $3,750 is available if at least half of the value of the EV's battery components are made or assembled in North America.
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