Rivian has initiated a leasing initiative in 14 U.S. states, introducing the new financing option on its website this Monday, as reported by Electrek. This program enables customers to lease R1T electric pickup trucks with estimated monthly prices starting at approximately $770, depending on the region. Notably, due to vehicle leases being treated differently from purchases under the Inflation Reduction Act (IRA), lessees are eligible for the complete $7,500 federal tax credit for electric vehicles.
The leasing opportunity is currently accessible to customers in Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington. A Rivian spokesperson explained the selection of these launch states, considering factors such as customer locations and leasing popularity, in an email to CNBC. While Rivian plans to expand the program to include more states and vehicle models, no specific timeline or additional details have been provided. The company is reportedly collaborating with Chase for financing.
While the Rivian R1T has a base price of $73,000, the current leasing program exclusively covers higher-end models priced around $90,000. For instance, in a Denver zip code, the automaker’s online configurator provides estimated prices ranging from $87,000 to $91,000, with monthly payments falling between $782 and $835. Despite the federal tax credits easing the financial burden of acquiring a new electric truck, this option remains accessible primarily to buyers with relatively substantial financial resources.
Earlier this month, Rivian increased its production forecast for the entire year by 2,000 vehicles. The company now anticipates delivering 54,000 units by year-end as it readies itself for the much-anticipated arrival of the Tesla Cybertruck, which has faced significant delays.