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

[R1Sky Business]

My bet is Saturday before Congress heads back home (they are all off on recess after Friday).

How long is the recess?

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[mabowden]

Anyone else getting a bit antsy?

 

[ThatRivianGuy]

I wonder if the next update email is going to be BOTH a delivery update (for those with pre-orders) AND a PBA update. Or do you think they would separate those emails and send them separately?

 

[freshpow]

I wonder if the next update email is going to be BOTH a delivery update (for those with pre-orders) AND a PBA update. Or do you think they would separate those emails and send them separately?

 

[Zoidz]

I received a reply late this morning to my Email asking about a binding agreement. Nothing new, just confirming that they are working on it and will have more information s 0 0 n.

"Thanks for asking about the transition period for the EV tax credit. Rivian is working to help interested preorder holders and customers obtain a written, binding contract to purchase and secure EV tax credit eligibility before new restrictions take effect. We'll be sharing more information and the next steps very shortly."

 

[jollyroger]

I wonder if the next update email is going to be BOTH a delivery update (for those with pre-orders) AND a PBA update. Or do you think they would separate those emails and send them separately?

Well considering summer ends on September 22 I take it that will be the day we get our updated deliver windows

 

[Forager]

With the Lightning price increase I am leaning harder than ever toward converting my R1S reservation to R1T. Now with an imminent date looming for needing a “contract” to keep the EV credit, I think I may have to pull the trigger in the next 48 hours on that change. I doubt I could change that contract later, it wouldn’t be much of a contract then!

 

[thunderdeep]

Anyone else getting a bit antsy?

I think the enactment of the new bill will be for Jan 1, 2023. SO if we can get delivery or a binding purchase order (apparently PBA isn't good enough) before the end of the year we would fall under the transitional EV credit. If Rivian is working on it now we should be all taken care of...

 

[thunderdeep]

With the Lightning price increase I am leaning harder than ever toward converting my R1S reservation to R1T. Now with an imminent date looming for needing a “contract” to keep the EV credit, I think I may have to pull the trigger in the next 48 hours on that change. I doubt I could change that contract later, it wouldn’t be much of a contract then!

If you change- will they still honor the old pricing upon the switch?

 

[Warmoth]

Axios Article I cam upon (red text for emphasis):
(source: If you want an electric car, buy one this week (axios.com) )

Driving the news: To get Manchin to go along with the broader bill, the rest of the Senate Democrats agreed that only cars with batteries containing a certain percentage of materials sourced from North America or U.S. trading partners will qualify for the credits moving forward — even though that doesn't align with manufacturing reality.

• Although the auto industry and battery makers are racing to invest in a domestic supply chain, it will be years before those facilities are up and running. For now, the EV supply chain is mostly dominated by China — but any cars using Chinese-made battery components would be disqualified from tax credits under the new bill.
• The bill tries to take that into account by phasing in the battery and minerals requirements over time, and the industry is getting lots of financial help to set up domestic production.
• But certain provisions — like a new requirement that EVs must be assembled in North America to be eligible for the credits — will take effect immediately after the president signs the bill into law.
• That will automatically slash the list of eligible vehicles from 72 to about 25, according to the Alliance for Automotive Innovation, an auto industry lobbying group. And when additional sourcing requirements go into effect in 2023, none of today's EVs would qualify for the full credit, the group says.

 

[mabowden]

I think the enactment of the new bill will be for Jan 1, 2023. SO if we can get delivery or a binding purchase order (apparently PBA isn't good enough) before the end of the year we would fall under the transitional EV credit. If Rivian is working on it now we should be all taken care of...

It is enacted as soon as the president signs it. You need a binding agreement before that. Everyone is estimating Saturday to Monday for the president's signature.

 

[Canthoney]

I

Axios Article I cam upon (red text for emphasis):
(source: If you want an electric car, buy one this week (axios.com) )

Driving the news: To get Manchin to go along with the broader bill, the rest of the Senate Democrats agreed that only cars with batteries containing a certain percentage of materials sourced from North America or U.S. trading partners will qualify for the credits moving forward — even though that doesn't align with manufacturing reality.

• Although the auto industry and battery makers are racing to invest in a domestic supply chain, it will be years before those facilities are up and running. For now, the EV supply chain is mostly dominated by China — but any cars using Chinese-made battery components would be disqualified from tax credits under the new bill.
• The bill tries to take that into account by phasing in the battery and minerals requirements over time, and the industry is getting lots of financial help to set up domestic production.
• But certain provisions — like a new requirement that EVs must be assembled in North America to be eligible for the credits — will take effect immediately after the president signs the bill into law.
• That will automatically slash the list of eligible vehicles from 72 to about 25, according to the Alliance for Automotive Innovation, an auto industry lobbying group. And when additional sourcing requirements go into effect in 2023, none of today's EVs would qualify for the full credit, the group says.

I understand the intentions of this, but the implementation doesn’t have any grace period which is unfortunate. Hopefully there will be a modification in the House, but otherwise it’s really not good for EVs for the next 2-3 years until the battery manufacturing is brought online here

 

[hilld]

Has anyone heard anything from Rivian other than the "we are working on it"? By heard I mean an email saying lock in your contract or something to that effect. What makes it somewhat worse for me, I was one of the people that cancelled in March and had my order reinstated. That also meant that they refunded me my original $1k deposit, so they don't have any of my money right now, which might make it hard to argue that I have a "binding" agreement.

 

[R1Sky Business]

Anyone else getting a bit antsy?

Everyone here!

 

[R1Sky Business]

I wonder if the next update email is going to be BOTH a delivery update (for those with pre-orders) AND a PBA update. Or do you think they would separate those emails and send them separately?

Hey we trying to lighten the mood I see....

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