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Not at all - the Tacoma price ranges from $27K to $46K. The Rivian, with the small battery system (230-mile range), comes in at $60K. The Federal Tax credit on the Rivian is $7500. My state of Colorado gives an additional $5K tax credit. Now you're down to $47,500, right in the ballpark of the Tacoma. BTW - I took both of these these tax credits this year, with my Volt.
Think of it - no gasoline bills to boot!!!
Base price for the Tacoma is $27,000.
Base price for the Rivian is $69,000.
2019 Rivian Cars | Models and Prices | Car and Driver
It doesn't matter whether they give you $12,000 tax credit, you still have to pay $69,000 for the base model.
A tax credit does not reduce the price of the vehicle.