Electric-vehicle startup Rivian Automotive Inc. (Nasdaq” RIVN) is warning that planned revisions to the EV tax credit would put the startup car maker at a disadvantage to more-established competitors, the Wall Street Journal reported.
Irvine-based Rivian warned that most of its vehicles would be ineligible for the $7,500 tax credit under proposed changes, according to the newspaper. Rivian is headed by CEO RJ Scaringe.
Shares in Rivian were up 4.3% to $36.53 apiece for a market cap of $32.3 billion.
