Electric-vehicle startup Rivian Automotive Inc. is warning that planned revisions to the EV tax credit would put the young car maker at a disadvantage to more-established competitors.
The proposed changes to the federal tax subsidy, which has been in place for years as a way to make EVs more affordable, are part of a broader legislative package deal between Sen. Joe Manchin (D., W.Va.) and Senate Majority Leader Chuck Schumer (D., N.Y.) to cut carbon emissions and healthcare costs.
If it passes in its current form, the new legislation would extend the $7,500 federal tax credit for EVs but add new restrictions that Rivian said would make most of its vehicles ineligible for the incentive program.
Pretty funny.
Everyone was watching Nvidia and Nancy Pelosi. Great head fake. LOL.
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