The IRS and Rivian have differing opinions on what a binding agreement is. For Rivian, it’s $100. According to the IRS’s website, the indication of a binding contract is a “significant non-refundable deposit or down payment.” The word “significant” is extremely hazy, and we doubt the IRS will see $100 as such if a customer ordered a $70,000 plus vehicle. Still, it’s worth a try.
Before the IRA was signed into law, a tax credit was given for every EV sold until a manufacturer hit 200,000 units. The new tax credit has stricter restrictions based on where a car is built, where the battery components and raw materials come from, and household income.
The cap for SUVs and pickups is set at $80,000, which means only the entry-level R1T with a standard battery pack (260-mile range) can qualify. Upgrading to the Large pack and adding the destination fee takes the electric truck above the threshold. A base R1S with the Standard pack and no options (not even metallic paint) just slips in under the figure at $79,800, destination included.