Thursday, 11 August 2022 14:06

Rivian, Lucid Tell Reservation Holders to Sign Binding Agreements

Written by Dan Mihalascu, InsideEVs


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Recently, Fisker announced to its reservation holders it found a loophole allowing them to benefit from the full $7,500 tax credit before the Inflation Reduction Act goes into effect.

According to Fisker, the bill's "transition rule" could work in favor of current reservation holders if they enter into a binding contract before the bill becomes law. Essentially, a taxpayer who has entered into a new vehicle contract before the new law is passed could be treated as a customer ordering a vehicle while the previous bill was still in place.


Other EV makers are now doing the same, offering binding purchase agreements to reservation holders in order to secure existing federal tax credits before the Inflation Reduction Act becomes legislation.


Rivian Automotive and Lucid Group have informed their reservation holders they can enter into binding contracts to make sure they qualify for the full $7,500 tax credit before the new bill comes into force.


Rivian has emailed a link for existing reservation holders to review and sign a binding agreement to purchase an R1T or R1S. In a section on its website dedicated to the Inflation Reduction Act, Rivian notes new customers need to first place a reservation in order to sign one of these binding agreements.


Lucid Group has taken a similar approach and emailed all customers with reservations to inform them about the option to place an order for the Lucid Air---i.e., a binding agreement.


It's worth noting the language used by Rivian and Lucid makes it clear...

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