Reply To: Electric Truck Developer Rivian Automotive Reaffirms Production Target as Losses Mount

#42067
Truman
Participant

One of the first CEOs from the electric vehicle industry to weigh in on the $430B Inflation Reduction Act passed by Congress includes new rules governing the electric vehicle industry legislation was Rivian Automotive’s (RIVN) R.J. Scaringe who took the long view on the upside.

The most dramatic is that the current $7,500 EV tax credit will be replaced by incentives designed to bring more battery and EV manufacturing into the U.S.

“I think with regards to the Inflation Reduction Act, this is, as I commented earlier, this is a really important step and I think it’s great for the acceleration of electrification and really providing a path to a carbon-neutral economy. Now in terms of what that represents for us, it’s certainly a powerful tailwind… The incentives are quite strong, the consumer-facing incentives at over – at $40,000. So the – we see this as really helping to drive a rapid transition to electric vehicles in the commercial space.”