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Tax Credit - Fisker Announces Pre-Purchase Program Will Rivian Follow?

RoadRunner

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Just received this email from Fisker (I have an Ocean reservation):
It is also posted as a webpage here

Fisker, Federal EV Tax Credits, and The Inflation Reduction Act of 2022
Firm Orders Open at 12 PM EDT / 9 AM PDT Today

Dear Ocean Reservation Holders,

Congress is currently moving quickly to pass The Inflation Reduction Act of 2022 – historic legislation to address the climate crisis and promote clean energy, including billions of dollars in electric vehicle infrastructure funding. 

Importantly, the current draft of The Inflation Reduction Act proposes to phase out existing federal tax credits after 2022 for electric vehicles assembled outside North America and further imposes certain annual modified gross income restrictions for taxpayer eligibility of any credit ($300,000 joint return; $225,000 Head of Household; and $150,000 all others). The Fisker Ocean is designed and engineered in California and assembled in Austria. To learn more about the existing federal EV tax credits, click here. The federal EV tax credit change section starts on page 366.

The Fisker Ocean is designed and engineered in California. Consistent with Fisker’s aim to deliver the world’s most sustainable vehicle, the Fisker Ocean is assembled at Magna’s carbon-neutral plant in Graz, Austria.

Fisker is reacting quickly by extending to our US reservation holders the invitation to enter into a firm commitment to purchase their Fisker Ocean and confirm their trim level now. This may allow Fisker customers to take advantage of the existing $7500 federal tax credit scheme for which they may qualify under the Transition Rule if the Inflation Reduction Act is enacted*.
Rivian R1T R1S Tax Credit - Fisker Announces Pre-Purchase Program Will Rivian Follow? 3abcebe6-16d0-49bf-9685-1957ead2b854
Rivian R1T R1S Tax Credit - Fisker Announces Pre-Purchase Program Will Rivian Follow? eba8e28b-d7f4-42af-a23a-b8f84352612c
Here’s how you ACCEPT this INVITATION and secure the Fisker Ocean trim of your choice.

When you reserved your Fisker Ocean, you paid a $250 reservation fee for your first reservation and a $100 reservation fee if you reserved a second Fisker Ocean.
  • Go to fiskerinc.com. Log into your account, proceed to reservations and select “Order” next to your Fisker Ocean reservation.
  • Provide your delivery address (US only).
  • Make your Fisker Ocean trim selection – choose from Fisker Ocean Extreme, Ultra, or Sport.
  • Accept the Order Agreement Terms and Conditions.
Completing this process converts each of your Fisker Ocean reservation fees into a non-refundable deposit and secures your Fisker Ocean order. Closer to production, you will select color, wheels, interior, and other options and accessories. Please note these options and accessories may increase the base trim price shown.

The front wheel drive Fisker Ocean Sport starts at $37,499**, and the all-wheel drive Fisker Ocean Ultra starts at $49,999**.

The Fisker Ocean Extreme is our uncompromised luxury trim with SolarSky roof. Extreme builds on the Ultra trim level specifications, adding many additional standard features including Smart Traction, Revolve rotating 17.1” touchscreen with Hollywood Mode, Fisker HyperSound, and the complete suite of Fisker Intelligent Pilot features and OTA upgrades, all for a base price of $68,999**. Upgrading an Ultra trim with all additional features standard to the Extreme would add almost $34,000 to the Ultra purchase price.

It is anticipated that Fisker Ocean Extreme trim vehicles will begin US deliveries in late July 2023, while Ultra and Sport deliveries will begin in October 2023. Ultra and Sport trims will be produced in limited volumes in 2023 as Ocean One and Ocean Extreme production and deliveries are prioritized.

Fisker does not plan to raise prices for the Fisker Ocean in 2022 or 2023. However, given the current rate of inflation and global market pressures in logistics and commodity costs, Fisker cannot guarantee pricing will remain the same for vehicle orders received after 40,000 units have been ordered or for vehicles produced from 2024 onwards.

This ordering system remains in effect only until The Inflation Reduction Act is passed and signed into law or is otherwise finally decided upon. At that time, this order process will close. Fisker will reopen the order process for the Fisker Ocean Extreme trim on November 18, 2022, as previously announced.

Fisker thanks you for your continued support on this journey, and we reaffirm our commitment to deliver the world’s most emotional and sustainable vehicles.
Rivian R1T R1S Tax Credit - Fisker Announces Pre-Purchase Program Will Rivian Follow? 3abcebe6-16d0-49bf-9685-1957ead2b854
* On page 386, of the August 6, 2022 draft, a ‘Transition Rule’ allows a qualifying taxpayer that entered into a written binding contract for a qualifying vehicle prior to enactment of the Inflation Reduction Act, and takes delivery of such vehicle after enactment of the Act, to elect to treat the vehicle has having been placed in service on the day prior to enactment of the Act in order to take advantage of the current $7500 tax credit structure. Please note that Fisker is not providing legal or tax advice regarding whether you will be eligible for any tax credit by placing your order now. Further note that the Inflation Reduction Act has not been passed as of today’s date and remains reported in draft form. Please consult with your tax professional to determine whether you would qualify for any federal tax credit under the Transition Rule and do not rely upon the availability of such tax credit when making your purchase decision.

** Pricing shown is for the continental U.S. and excludes delivery, finance, and government charges. Maintenance is not included. Pricing depends upon specifications and options chosen by you as you configure your actual vehicle closer to production. Pricing does not include various state and federal incentives and benefits which may be available to you. Pricing shown is for the base Ocean trim selection, including Great White exterior, Black Abyss interior, and 20” F7 AeroStealth wheel selections. 
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TexasBob

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Fmc

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I am not sure how many people have Fisker Pre-orders, but I just received an email that they are allowing for firm commitments to allow buyers to receive the tax credit. RIVIAN, your move.
 

atebit

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“Don’t compare Rivian to Fisker” messages in 3…2…1…
 

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COdogman

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Does the credit mean anything if they never make your vehicle? Or don’t make it for years like Rivian went through? Fisker does not really have a strong record of delivering on promises.
 

atebit

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Clear, thought out communication with no weasel words. Or diversions about spaces where you can go to talk about Fisker with a mildly-engaged employee. Not even a “s00n”. Wow.
 

McMoo

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I didn’t get the email yet but have the option online. The one part of the agreement I don’t like is being on the hook for delivery fees if the order is cancelled. That could be $2k plus. I’m fine with losing the $250 deposit.
 
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lambo

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I hope so. I'm 100% committed to purchasing the Rivian I have configured. I would be happy to sign such an agreement.

-- R1S/RB/BM/21" pre-order placed 11/11/2020
 
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electruck

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Does the credit mean anything if they never make your vehicle? Or don’t make it for years like Rivian went through? Fisker does not really have a strong record of delivering on promises.
I'm still a skeptic regarding Fisker long term but, at this point, Ocean deliveries are largely in the hands of Magna - a company with a very strong track record. They have already delivered something like 55 pre-production validation units and are very likely to remain largely on schedule for production deliveries.
 

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R1Sky Business

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Does the credit mean anything if they never make your vehicle? Or don’t make it for years like Rivian went through? Fisker does not really have a strong record of delivering on promises.
But as Long as they have a binding contract....nothing else matters. 😉
 

kizamybute'

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When I stopped at Baker to charge, two pre-production Fisker's pulled in, along with a shuttle bus powered by Fisker. Was an all electric shuttle bus based on a Ford E-450 Econoline Van, similar to what you see at airports. They said it had only 70 miles in range. A conversion project they're considering offering as a product.

Correction: They were actually powered by Karma. The cars were the new one's they are producing, that looked similar to the old Fisker / Karma cars. The Van was actually "Powered by Karma". Got my names mixed up.
 

R1Sky Business

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When I stopped at Baker to charge, two pre-production Fisker's pulled in, along with a shuttle bus powered by Fisker. Was an all electric shuttle bus based on a Ford E-450 Econoline Van, similar to what you see at airports. They said it had only 70 miles in range. A conversion project they're considering offering as a product.
As long as it has an electrochromatic glass roof.....and maybe tank turn.
 

Yossarian

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To qualify for the tax credit under the existing regulation, there needs to be a signed preliminary buyer's agreement (PBA) in place before the new bill becomes law.

It is highly likely that the bill will be passed by the Senate today, and the news is that the House will be called into special session next Friday for a vote on it. The House does not have the same rules for debate as the Senate, so a vote can't be delayed too long. If the House gives its approval, something that almost certainly will happen before the end of next weekend, I'd expect that it will be signed into law by the President very soon afterward.

I'm happy to sign a PBA, but I had a dialog with my guide just this Friday, and there was no mention of one in the offering for those with delivery windows in 1H2023. In fact, my guide didn't have any information beyond telling me to expect a new delivery window in the Fall.

I suspect that for those of waiting for a Max, the credit is history.
 

mkg3

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"...However, Fisker believes customers may be able to retain eligibility for the full $7,500 credit for the 2022 tax year by converting their existing reservations into a binding sales contract for the purchase of the Fisker Ocean.1"

I see the comment about the PBA but I would definitely check with your CPA/tax accountant....
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