In addition to concerns about production, Rivian is navigating the implications of President Joe Biden’s historic climate bill, which would exclude most of its vehicles from a $7,500 federal tax incentive.
Startup electric truck manufacturer Rivian continues to see robust demand for its inaugural products, with nearly 200,000 orders in hand, and a long way to go to fill them.
In addition to concerns about the production ramp-up, Rivian is navigating the implications of President Joe Biden’s historic climate bill, which passed the Senate on Sunday and is headed for a vote in the House on Friday. It includes an extension of the $7,500 federal tax credit for EV purchases, but sets a cap that would make trucks and SUVs priced over $80,000 ineligible. That would cut the majority of Rivian’s sales out of the mix for the tax credit beginning next year.
“We’re incredibly happy to see policy that helps drive more rapid adoption of electric vehicles, as well as important investments in building domestic battery cell production,” Rivian CEO and founder R.J. Scaringe said Thursday. “While many of our R1 configurations won’t meet the bill pricing requirements, our R2 product line and associated cell roadmaps are being developed to allow our customers to capture the value of these incentives.
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