EV makers tout big tax credits, $7,500 credit when you buy their electric vehicles, but those tax credits are very very likely to go away on January 1, 2023. In fact, The Verge reported that there is not a single EV on the market today, including the Lucid Air, that would qualify for the $7,500 tax credit under the new Inflation Reduction Act of 2022 bill.
Fisker has already announced its plan to help customers claim the tax credit, even if they do not receive the car by the end of 2022. Rivian is working up a plan and it sounds like Lucid Motors is working up a plan as well.
One Lucid Air reservation holder said he received a response from Zak Edson, the VP of Sales at Lucid Motors, when he asked about the tax credit going away. He posted this in the Lucid Owners Forum saying “I got a reply from the VP of Sales and told me that they are aware of the situation and coming up with a solution for their customers.”
The question is, will any of these “solutions” that any of the EV automakers are coming up with, actually work.
Some say that a binding contract in 2022 is not enough to qualify for the tax credit. That you also need to accept the car in person in the 2022 calendar year. And for many EV makers, who are having a tough time producing and delivering cars this year, delivery might not be in the cards.
I assume Lucid Motors is working hard with its lawyers to come up with some legal loophole but will it stick? That is what most customers who have reservations for the Lucid Air and other EVs are asking themselves.
Update: Lucid Motors at 11 am, a few hours after we wrote this story, posted about this on Twitter: