Huge EV update transforms car into Back to the Future-style ‘time machine’Speaking of Trump, Rivian has also lost significant revenue due to the rollback of EV tax credits under his administration. Previously, federal tax credits for EVs provided up to $7,500 in savings for new vehicle purchases. The tax credits are now set to expire on September 30. After the deadline, buyers will no longer qualify for tax credits for new EVs, used EVs, home chargers or commercial EV purchases. That means a lot rides on the success of the R2 and the operations at their new Georgia plant.