Vinfast isn’t immune to the US’s EV tax credit reform, but it looks like the brand has found a way around it.
The US’s “Inflation Reduction Act” has passed both the senate and the house, and now awaits a Presidential signature, enacting it into law. The bill has had plenty of critics from automakers and EV enthusiasts alike, as it disqualifies any EV that isn’t made in North America from being eligible for the tax credit. This affects an estimated 70% of all EVs sold in North America, including forthcoming Vietnamese EV startup, VinFast.
No matter where the chips fall, VinFast has promised to give reservation holders a $7,500 discount, if they no longer qualify for the tax credit. In an email sent to reservation holders, VinFast said “For customers who apply for the $7,500 tax credit under current IRC 30D requirements and are denied by the IRS for reasons not attributable to the customer, VinFast will provide the customer a $7,500 purchase price rebate (or similar rebate) on their VinFast vehicle purchase. The binding agreement contains additional details on eligibility for the rebate.”
Like Rivian and Lucid, the eligibility for the tax credit or discount from VinFast itself is reliant on converting the refundable $200 reservation, into a non-refundable purchase agreement.
Although noble, the implementation of the tax credit is still quite undefined. VinFast wants owners to try things with the IRS first, but if that fails, then the company will discount the vehicle by $7,500. But, the “transition clause” that should allow the old tax credit scheme to be honored, is a very big what-if, for automakers. Lucid and Rivian have said that they aren’t sure if their purchase agreement scheme will work.
Whatever the case, VinFast appears to be making the most effort to keep customers happy.
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