Automotive

Rivian and Lucid Open Tax Credit Loophole For Buyers

Them: Let’s fight inflation so people can afford climate-protecting vehicles! People: *Used a loophole to afford climate-protecting vehicles.* Them: No, not like that! People: 🤷🤷🤷🤷🤷
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Rivian and Lucid Open Tax Credit Loophole For Buyers

News about the US EV Tax Credits, which are part of the Inflation Reduction Act, has been almost as confusing and exhausting as a Taylor Swift album. (for real, though, does she even WANT a boyfriend at this point?)

🔍 Fine print. A loophole found by Fisker shows customers with reservations from before the Inflation Reduction Act goes into law maintain tax credit eligibility. Now Rivian and Lucid are urging reservation holders to sign binding agreements protecting their credits or place reservations if they have not. The communications state the credits are not a guarantee and that the reservation fees will be non-refundable once they enter the contacts. 

The act could become law as early as next week if the house passes and the President signs the bill.

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