Fisker’s plan for the new electric vehicle tax credit bill

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Henrik Fisker and his team are monitoring the situation and have a plan in case the new Inflation Reduction Act becomes law.

Today we learned that Fisker has a plan in case the new Inflation Reduction Act passes. It was unveiled late Wednesday evening and makes significant changes to the electric vehicle tax credit system. The Democrats are moving just as fast. The US Senate is expected to vote on the bill next week.

The Fisker Ocean could lose eligibility for the $7,500 federal tax credit because it is not assembled in North America to qualify for a new credit. The new bill would come into force on January 1, 2023. It would eliminate the cap of 200,000 automakers. All new electric vehicle companies like Fisker planned to offer this tax credit to their customers. However, Henrik Fisker and his team are monitoring the situation. Fisker has a plan in case the Inflation Reduction Act passes as is.

Fisker’s Plan

Fisker Ocean at the Los Angeles Auto Show.

Fisker has a plan in case the electric vehicle tax credit system changes with proposed new legislation. On page 386, line 20, of the electric vehicle tax credit bill, there is a transition provision.

It states: EVs with written purchase orders dated 2022 before the date the president signed the invoice, but delivered in 2023 allow the buyer to claim the “old” credit in 2023.

Yesterday Henrik was asked if Fisker would start pre-orders/written binding contracts in 2022 if the legislation is passed. Additionally, he was asked if this possible plan would be limited to Ocean One or other versions such as Extreme, Ultra, and Sport. Henrik said: “We can take this action if necessary! Yes, all the others [trims] should be possible. We look at what we have to do. »

Starting binding written contracts for all versions in 2022 would allow reservation holders to purchase their Fisker Ocean this year to qualify for the $7,500 tax credit. We recommend reserving your Fisker Ocean now if you haven’t already.

What can you do to help

The electric vehicle tax credit bill will likely pass the Senate next week, before going to the House of Representatives. Undoubtedly, the Inflation Reduction Act could be improved. It looks like the current cap of 200,000 automakers is set to gradually disappear. Ending it abruptly seems like the wrong approach to encourage mass adoption of EVs. That way, it gives companies like Fisker time to make the transition. There is no way for Magna to build a CO2 neutral factory in North America before the end of the year. Here’s how you can help by taking action today. Write to your congressional representative. Below is an email template you can use.

Dear [Name of Representative],

It's come to our attention there are significant changes being proposed to the EV tax credit system. 

The newly proposed Inflation Reduction Act hurts consumers like myself that want to adopt electric vehicles made by American companies outside North America. It seems like a bad policy to abruptly end the 200,000 vehicle manufacturer cap. 

The current policy should be phased out for American companies as they work to transition to accommodate the newly proposed legislation. Please consider my suggestion as supports American workers and will only further EV adoption.

Thank you for your understanding,

Sincerely,

[Insert Your Name]

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