Rivian to offer Binding Purchase Agreements (to help obtain EV tax credit)

[crow979]

It appears Rivian will be implementing binding purchase agreements for interested parties. No other relevant information was contained in the email.

Sponsored

 

[electruck]

Hopefully this will be the subject of the next big email from Tony.

 

[jojo168]

This is very good news.

 

[SASSquatch]

Thanks for sharing and this is EXACTLY what I was hoping RIVIAN was going to do.

Great job RIVIAN team for being proactive and working towards a resolution that is mutually beneficial.

Also, still waiting for a reply after my impassioned and well written email outlining all the steps you could take to save our collective bacon, but I'm not going to make this about me.

nope.

 

[JGard18]

This is very nice to see

 

[CommodoreAmiga]

So if it's binding, what happens if the person doesn't/can't follow through with purchase?

 

[electruck]

So if it's binding, what happens if the person doesn't/can't follow through with purchase?

Good question. One would hope that it simply means you lose the amount of any non-refundable deposit. These are the details that Rivian will need to spell out in the agreement.

 

[foofoo]

Whew. That's a relief! Thanks for sharing.

 

[Jif1025]

I wonder if this will only apply to pre price increase pre orders, or to those who are able to save configs but are post price increase, or will be open to all…. I could see them not wanting to commit to a price in a pba.

 

[TXR1S]

Thank you to everyone who emailed and called!!

 

[jakef801]

Forfeit your payment. Could easily put in what's called a "liquidated damages" provision. Essentially says "if you don't follow through, this is the amount of damages that we get for you 'breaching' the contract."

Agreed. Akin to earnest money ($1000 in our case) going hard on a real estate purchase.

 

[Rivian_Hugh_III]

I wonder if they'll offer to just convert our $1000 to the binding agreement? That's a steep price, but I'm in either way. (Fisker was $250 IIRC)

 

[JC_PalmBeachR1T]

This is great news. Echoing thanks to everyone who sent a note in on this!! Our collective input is important to Rivian even if it often (mostly) doesn't feel that way to us without trucks!

 

[Rivian_Hugh_III]

I could see it going a few ways. Could keep the whole $1,000. Might just say that they get to keep $250. Who knows!

The big issue is that it will require Rivian to conclusively lock in pricing. Not a huge issue for pre-March 2022 folks since they've already said they'll honor those prices (though they could still renege on that if the cost becomes too prohibitive). It's a much bigger issue for later reservations.

Would they need to lock in pricing though? A binding purchase agreement might not mention the price or options.

I have so much fun tweaking the configurator I hope I don't have to lock in my final answer by Saturday... though I would if I had to.

 

[agame32]

Yes my question is also along the lines of how much, if any, additional configuration changes would be allowed once this new binding agreement is in place. Although I suppose it would help keep me away from fidgeting with my config!

Sponsored